Section 365 of the Bankruptcy Code creates a framework through which a debtor can elect to either assume or reject an executory contract. Because the Bankruptcy Code does not define “executory,” courts utilize various tests to determine if a debtor can assume a contract—and thus be obligated to perform—or reject a contract—and thus the contract is deemed breached immediately prior to the bankruptcy filing date. The Countryman test is overwhelmingly the most commonly applied test to determine a contract’s executory nature.

随着香港及内地就相互认可和协助破产程序及重组事务达成共识，一个新纪元到来了。从今往后，希望通过中国债务人位于香港的财产收回欠款的债权人，或是拥有内地财产的香港运营实体的债权人，终于在谈判桌前享有了话语权。

随着香港及内地就相互认可和协助破产程序及重组事务达成共识，一个新纪元到来了。从今往后，希望通过中国债务人位于香港的财产收回欠款的债权人，或是拥有内地财产的香港运营实体的债权人，终于在谈判桌前享有了话语权。

霍金路伟最新一期《投资中国：法律监管信息速递》专题系列将为您深度探秘下列安排：

Recent missed payments by companies including by one of China's largest coal companies, Yongcheng Coal and Electricity Holding Group, based in Henan, have shaken investors' faith that state-owned enterprises (SOEs) enjoy implicit backing from the authorities, irrespective of their underlying performance. As corporates issue new bonds to pay off old debts as they fall due, thereby 'kicking the can down the road' it is feared that more defaults could follow. Yields on some bonds are reported to have risen to 34 percent, an indicator of the perceived increased risk.

The Second Circuit ruled last week in Lehman Bros. Special Fin. Inc. v. Bank of Am. Nat'l Ass'n, No. 18-1079 (2d Cir. 2020) that a Lehman Brothers affiliate cannot claw back $1 billion in payments made pursuant to swap agreements that were terminated when Lehman Brothers Holdings Inc. (“LBHI”) and certain of its affiliates filed for bankruptcy in 2008. The panel concluded that the Bankruptcy Code provides a safe harbor for the liquidation of such swap agreements and also the distribution of proceeds from the collateral.

In a recent decision, EMA GARP Fund v. Banro Corporation, No. 18 CIV. 1986 (KPF), 2019 WL 773988 (S.D.N.Y. 21 February 2019), District Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York enforced a foreign reorganization plan in the United States on the basis of international comity, notwithstanding that no application for recognition and enforcement had been made under Chapter 15 of the U.S. Bankruptcy Code. Banro Corp.

On 11 June 2014, the Supreme People's Court of the People's Republic of China ("PRC" or "China")  handed down its ruling in the case of Sino-environment Technology Group Limited  ("Sino-environment") v Thumb Env-Tech Group (Fujian) Co., Ltd ("Thumb").