The insolvency statistics released for March 2023 demonstrate the impact of turbulent trading climates on UK businesses, in particular soaring costs and decreased consumer spending.
The March 2023 insolvency statistics show that UK corporate insolvencies have risen 16% year-on-year and 38% since February 2023.
The High Court has clarified the grounds for challenging a CVA for guarantee creditors.
Background
Background
Decision
Key takeaways
The High Court has clarified the grounds for challenging a CVA for guarantee creditors.
The High Court has clarified the grounds for challenging a CVA for guarantee creditors.
Background
Mizen Design/Build Ltd's (Mizen) directors proposed a CVA stating that this would lead to a better result for unsecured creditors than the likely alternative, administration.
The CVA compromised guarantee creditors' ability both to bring a claim against Mizen and to call upon their performance guarantees against Mizen's parent company (the Parent Guarantor).
簡介
香港法院在香港將外國註冊公司清盤的法定司法管轄權，受到法院自設的限制所規限；該等限制被稱為法院行使上述司法管轄權之前所須符合的三大核心要求。
最近在Re Guoan International Ltd[2023] HKCU 939一案中，原訟法庭（「原訟庭」）需考慮是否將一間已被其註冊地點的法院清盤的外國註冊公司清盤。
案情
國安國際有限公司（「該公司」）的債權人Road Shine Developments Limited（「呈請人」）於2022年12月2日向香港法庭提出呈請，請求發出將該公司清盤的附屬命令。該公司於開曼群島註冊成立，於2022年2月28日被開曼群島大法院清盤，而袁子俊先生及Martin Trott先生於同日獲委任為其清盤人（「共同清盤人」）。反對呈請的債權人Chong Chin先生及Yao Sze Ling女士（統稱「反對債權人 」）基於兩個主要理由反對呈請：
Introduction
The statutory jurisdiction of Hong Kong Courts to wind up a foreign-incorporated company in Hong Kong is subject to self-imposed restraints that have been articulated as the “three core requirements” which must be satisfied before the court would exercise that jurisdiction.
In the recent case of Re Guoan International Ltd[2023] HKCU 939, the Court of First Instance (“CFI”) considered whether to wind up a foreign-incorporated company which has already been wound up by the court in its place of incorporation.
简介
香港法院在香港将外国注册公司清盘的法定司法管辖权，受到法院自设的限制所规限；该等限制被称为法院行使上述司法管辖权之前所须符合的三大核心要求。
最近在Re Guoan International Ltd[2023] HKCU 939一案中，原讼法庭（「原讼庭」）需考虑是否将一间已被其注册地点的法院清盘的外国注册公司清盘。
案情
国安国际有限公司（「该公司」）的债权人Road Shine Developments Limited（「呈请人」）于2022年12月2日向香港法庭提出呈请，请求发出将该公司清盘的附属命令。该公司于开曼群岛注册成立，于2022年2月28日被开曼群岛大法院清盘，而袁子俊先生及Martin Trott先生于同日获委任为其清盘人（「共同清盘人」）。反对呈请的债权人Chong Chin先生及Yao Sze Ling女士（统称「反对债权人 」）基于两个主要理由反对呈请：
This recent decision has opened up a new opportunity for creditors who are not satisfied with a proposal to put forward their own restructuring plan.
Background
Good Box Co Labs Limited (the Company), a fintech start-up, developed contactless payment technologies in the charity sector.
It entered administration in June 2022 on the application of NGI Systems Limited (NGI) a principal technology supplier, creditor and shareholder of the Company.
CargoLogicAir Limited (the Company) was the UK's only all-cargo main deck freight airline. Due to sanctions imposed on its Russian owner, the Company was unable to effectively trade and pay its debts as they fell due despite obtaining a 'Basic Needs Licence'. Its sole director applied to appoint administrators.
Issues
The court considered two key issues:
On 7 December 2022, the European Commission published its proposal for a directive harmonising certain aspects of insolvency law (the Insolvency Directive).
The Insolvency Directive seeks to offer more certainty and create a common minimum standard of insolvency regimes across member states, encouraging more effective cross-border investment.
It aims to harmonise three key areas of EU insolvency law (the Insolvency Directive).
Aims law:
the recovery of assets
the efficiency of proceedings