In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such legislation generally presumes that the debtor is insolvent if it has failed to comply with a statutory notice requiring the debtor to pay a certain debt within a given period of time (a statutory demand).

The Australian Government has introduced new laws which are intended to avoid unnecessary corporate insolvencies in light of the challenges presented by the unfolding COVID-19 global pandemic. The new laws came into effect on 25 March 2020 and include:

Just in time for the Chinese New Year, a Hong Kong court has taken a major step forward in the developing law on cross-border insolvency by recognizing a mainland Chinese liquidation for the first time. In the Joint and Several Liquidators of CEFC Shanghai International Group Ltd [2020] HKCFI 167, Mr. Justice Harris granted recognition and assistance to mainland administrators in Hong Kong so they could perform their functions and protect assets held in Hong Kong from enforcement.

Just in time for Chinese New Year, a Hong Kong court has taken a major step forward in the developing law on cross-border insolvency by recognising a mainland Chinese liquidation for the first time. InJoint and Several Liquidators of CEFC Shanghai International Group Ltd [2020] HKCFI 167, Mr Justice Harris granted recognition and assistance to mainland administrators in Hong Kong so they could perform their functions and protect assets held in Hong Kong from enforcement.

In a recent judgment the Dutch Supreme Court ruled that the holder (an "Estate Claim Pledgee") of a right of pledge (an "Estate Claim Pledge") which secures one or more estate claims (each, a "Secured Estate Claim") is entitled to satisfy such claims out of the proceeds resulting from enforcement of such right of pledge ("Estate Claim Pledge Enforcement Proceeds") during the pledgor's bankruptcy provided that the claims have arisen from a legal relationship having come into existence prior to the bankruptcy.

Dutch Supreme Court 15 April 2016 (ECLI:NL:HR:2016:665)

In a recent judgment, the Dutch Supreme Court ruled that a party who purchases and accepts the transfer of moveable assets subject to a retention of title acquires a right of conditional ownership with respect to those moveable assets and has the power to create an unconditional right of pledge over such right of conditional ownership.

Moody's announced in October 2014 that the detainment of Agile Property Holdings' chairman, Chen Zhoulin by government authorities was credit negative, in Moody's view, "similar incidents would adversely affect developers' borrowing costs and/or their access to offshore funding". The events that have unfolded since show that Moody's were right on the money.

Introduction

Gaining access to development land in the PRC has often been linked to government connections and dubious business practices. However, a number of investigations into the allegedly corrupt activities of high-level real estate executives in China have recently taken place.

With APCOA Parking, the English High Court sets out the latest line of authority in the increasing use of schemes of arrangement by foreign companies.

This case, APCOA Parking (UK) Limited & Ors [2014] EWHC 997 (Ch), presents two novel aspects: