Can a company file a notice of intention to appoint an administrator (NOI) if administration is just one of a number of potential options being explored for rescuing the company?
Are funds subject to an IVA if they are received by a debtor after a certificate of completion has been issued by the supervisor?
Should an administrator’s appointment be terminated where the motives of the appointor are improper but the statutory purpose of the administration can still be properly achieved?
An insolvent enterprise incorporated in Mainland China (“PRC”) or its creditors (“Applicant”) may institute a bankruptcy proceeding against the insolvent enterprise under the PRC Enterprise Bankruptcy Law (“Bankruptcy Law”) by the filing of a bankruptcy petition. There have long been complaints by industry practitioners that PRC courts are reluctant to register bankruptcy petitions.
任何在中国内地(“”)注册成立的企业,如不能清偿到期债务,并且资产不足以清偿全部债务或者明显缺乏清偿能力的,可由该企业或其债权人(“”)提交破产申请,继而根据《中华人民共和国企业破产法》(“《破产法》”)对该企业发起破产法律程序。但是,长期以来,备受业内人士诟病的是,中国法院迟迟未对破产申请实施立案登记制度。在此背景下,最高人民法院(“”)于2016年7月颁布指导通知[1](“《2016年最高院通知》”),旨在简化和规范登记破产案件的立案受理工作。
最高院通知:优化立案程序
An update on recent changes
1 October 2015 – A day of changes to insolvency law
The start of October 2015 brought about important changes in insolvency law, affecting both creditors and debtors alike. The most notable changes are detailed below.
Harmonising office holder claims in administration and liquidation
In its decision on the Game Station1 appeal, the Court of Appeal has overturned the cases of Goldacre2 and Luminar3 holding that office holders of insolvent companies must pay rent of property occupied for the benefit of creditors on a “pay as you go” basis irrespective of when rent falls due under the lease.
The facts
The UK’s Insolvency Act 1986 sets out in s.123 various tests to determine whether a company should be deemed unable to pay its debts. The relevance of these tests to distressed companies is obvious: deciding as they do when it is appropriate to seek an administration order or present a winding up petition. They also help determine directors’ duties, antecedent transactions and issues such as wrongful and fraudulent trading.
The UK Supreme Court judgment in the conjoined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in Liquidation) and another v AE Grant and others [2012] UKSC 46, which provides vital clarification on the effect of foreign insolvency judgments on the UK courts.
Background & Court of Appeal
The UK Supreme Court has handed down an important judgment in the conjoined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in Liquidation) and another v AE Grant and others [2012] UKSC 46, which provides vital clarification on the effect of foreign insolvency judgments on the UK courts. The judgment was handed down yesterday.
Background & Court of Appeal