In a somewhat unexpected development given his recent appointment to a second 14-year term a mere 5 years ago, Bankruptcy Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York announced that he intends to retire as of June 30, 2022.

Introduction

In the recent case of Re Grand Peace Group Holdings Ltd [2021] HKCFI 2361, which concerns the winding-up of a foreign incorporated listed company, the Court of First Instance revisited the 2^nd core requirement and considered whether the possibility of the court making an order to compel the directors of the company to execute the documents necessary for the liquidators to take control of the company’s BVI subsidiaries would be sufficient to be considered as a real possibility of benefit to the petitioner.

On September 1, 2021, Judge Robert Drain issued a much-anticipated oral ruling approving Purdue Pharma L.P.’s plan of reorganization. The plan, which has garnered significant attention from the media, legislators, academics, and practitioners, releases current and future members of the Sackler family and many of their associates and affiliated companies – none of whom filed for bankruptcy themselves – from liability in connection with any possible harm caused by OxyContin and other opioids that Purdue Pharma manufactured and distributed.

簡介

我們於7月的清盤及重組文章中，介紹了中國最高人民法院（「最高人民法院」）與香港律政司司長於2021年5月14日簽署《最高人民法院與香港特別行政區政府關於內地與香港特別行政區法院相互認可和協助破產程序的會談紀要》（「合作機制」），當中訂明了香港法院與深圳、上海及廈門三個試點地區的中級人民法院相互認可破產的程序和人員安排的具體程序。

Introduction

In its August 5th, 2021 VeroBlue Farms decision,[1] the Eighth Circuit lent its voice to a growing body of criticism of the equitable mootness doctrine contending that its use to bar challenges to confirmed reorganization plans should be circumscribed.

“…it is fallacious and unrealistic for the Company to assume that the value of the Haitian Shares remained the same from February to August 2019. Between February and August 2019, Haitian Energy had published no less than nine announcements suggest that the financial condition of Haitian Energy was in a state of flux, and that the value of the Haitian Shares was susceptible to fluctuation.”

– William Wong SC (Deputy High Court Judge in Re Victor River Ltd)

INTRODUCTION

In a recent opinion from the Delaware Bankruptcy Court in the Dura Automotive Systems bankruptcy case,[1] Judge Karen Owens held that executory contracts cannot be impliedly assumed through course of conduct by the parties, under binding Third Circuit precedent, notwithstanding that a minority of courts outside of the Third Circuit have allowed it

简介

中华人民共和国最高人民法院（「最高人民法院」）与香港特别行政区政府于2021年5月14日签订了《最高人民法院与香港特别行政区政府关于内地与香港特别行政区法院相互认可和协助破产程序的会谈纪要》。在试点计划下，香港的清盘人可向内地试点地区的有关中级人民法院申请认可香港的清盘程序；同样地，内地的破产管理人可向香港高等法院申请认可内地的破产程序（「试点计划」）。最近在Re China All Access (Holdings) Ltd [2021] HKCFI 1842一案中，香港法院首次考虑这项近期发展及试点计划。

背景

簡介

最近在Re Cheung Hing Chik also known as Charles H.C. Cheung, the debtor [2021] HKCA 981一案中，上訴法院澄清，在決定是否應撤銷破產令時，法院既可考慮在破產令發出之前的事實，也可考慮在破產令發出之後的事實。要成功申請撤銷破產令，申請人須證明涉及與先前法院席前證據有重大差異的特殊情況，作為推翻破產令的充分理據。

背景

本案是就一項於2020年8月3日發出的破產令（「該破產令」）提出的上訴。呈請人是一間公司，其銀行帳戶被破產人偷去或挪用了749,000美元。於2020年2月27日，呈請人就上述金額向破產人發出法定要求償債書，但不獲還款。在2020年8月3日進行的呈請聆訊上，破產人口頭上表示他能夠償還該債務，因為：

1. 他可將其於張慶植會計師行有限公司的50% 權益出售，估計約值600萬元；及
2. 他可能會收到若干其他資金。

法官不信納，並認為沒有證據顯示破產人能償還債務，因此發出了該破產令。