The vast majority of corporate debt issuances are made pursuant to a trustee structure. This approach affords investors the advantage of uniformity of treatment and facilitates collective action, as opposed to the alternative 'fiscal agency' or direct issuance structure. But what happens when an individual investor in a global note structure seeks to take direct enforcement action against an issuer?
Executive Summary
Battered by the COVID-19 pandemic and the decline in passengers travelling to Hong Kong, Hong Kong Airlines (HKA) has become the latest carrier to undergo a debt restructuring. Its restructuring plan was sanctioned by the English court on 9 December 2022 and its scheme of arrangement was sanctioned by the Hong Kong court on 14 December 2022.
In summary:
Summary
The Hong Kong Court and the US Bankruptcy Court have made conflicting comments regarding the discharge of New York law-governed debt by a foreign scheme of arrangement, where that scheme is the subject of recognition under Chapter 15 of the US Bankruptcy Code.
One difficulty encountered by creditors and trustees in bankruptcy is the use of one or more aliases by a bankrupt. Whether it is an innocent use of a nickname or an attempt to conceal one's identity, the use of an alias can often create problems for creditors seeking to pursue debts and for trustees seeking to recover assets held by a bankrupt.
How does it happen?
2020 ha sido un año atípico. La alerta sanitaria mundial provocada por la expansión del COVID-19 y la consecuente declaración del estado de alarma en España en marzo de 2020 llevaron a una vorágine legislativa sin precedentes. En este contexto, las empresas se encuentran inmersas en un escenario incierto en el que la toma de decisiones juega un papel clave para la viabilidad futura del negocio.
As concerns about illegal phoenix activity continue to mount, it is worth remembering that the Corporations Act gives liquidators and provisional liquidators a powerful remedy to search and seize property or books of the company if it appears to the Court that the conduct of the liquidation is being prevented or delayed.
Desde el pasado 23 de marzo, con esta newsletter en Garrigues hemos hecho un esfuerzo por acercaros aquellos temas regulatorios de los que semana a semana las empresas teníais que estar más pendientes desde todas las áreas de práctica del derecho de los negocios. Dado que el estado de alarma toca a su fin en unos pocos días, esta será la última entrega de una publicación que esperamos haya cumplido su función. A partir de ahora, os seguiremos manteniendo informados a través de nuestros formatos habituales de Alertas, Comentarios, Perspectivas o Newsletters.
When a person is declared a bankrupt, certain liberties are taken away from that person. One restriction includes a prohibition against travelling overseas unless the approval has been given by the bankrupt's trustee in bankruptcy. This issue was recently considered by the Federal Court in Moltoni v Macks as Trustee of the Bankrupt Estate of Moltoni (No 2) [2020] FCA 792, which involved the Federal Court's review of the trustee's initial refusal of an application by a bankrupt, Mr Moltoni, to travel to and reside in the United Kingdom.
Preparation of financial statements and corporate income tax, recommencement of time periods, remote trials, gradual return to workplaces, insolvency proceedings and compliance with criminal law
Los plazos administrativos se reanudarán el próximo 1 de junio, mientras que los plazos procesales y sustantivos lo harán el 4 de junio, tal y como aparece contemplado en el BOE del 23 de mayo de 2020.