Hong Kong is a common law jurisdiction, and its legal system is based on English law. Following Hong Kong’s handover to China on 1 July 1997, the Basic Law of Hong Kong is the constitutional document of the Hong Kong Special Administrative Region. Article 8 of the Basic Law provides that: “laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law shall be maintained, except for any that contravene [the Basic Law], and subject to any amendment by the legislature of the Hong Kong Special Administrative Region.”
Are the courts of England and Wales establishing themselves as a flexible forum for cross-border enforceability? Here, we consider this question in light of two recent High Court decisions: Re Silverpail Dairy (Ireland) Unlimited Co. [2023] EWHC 895 (Ch) (Silverpail) and Invest Bank PSC v El-Husseini & Ors [2023] EWHC 2302 (Comm) (Invest Bank).
Hong Kong is the only common law jurisdiction within the People’s Republic of China and one of the few financial centres in the world without a formal rescue mechanism in its legislation. Hong Kong has not enacted legislation to recognise corporate rescue over simple liquidation.
Rettung durch Restrukturierung im Planverfahren (Restrukturierungsplan & Insolvenzplan)
Die enormen wirtschaftlichen Auswirkungen der weltweiten COVID-19-Pandemie haben die deutsche Wirtschaft in vielen Bereichen massiv getroffen. Für viele Branchen hat sich das Geschäftsklima erheblich verschlechtert. Geschäfte bleiben geschlossen, Lieferketten brechen ab, Reisen sind nur sehr eingeschränkt möglich, Umsätze sind deutlich zurückgegangen und Unternehmen müssen Kurzarbeit oder Zwangsurlaubeinführen, um laufende Kosten zu senken.
Die enormen wirtschaftlichen Auswirkungen der weltweiten COVID-19-Pandemie haben die deutsche Wirtschaft massiv getroffen. Für viele Branchen hat sich das Geschäftsklima erheblich verschlechtert.
The huge economic impact of the worldwide COVID-19 pandemic has long since reached the German economy. For many industries, the business climate has deteriorated massively. Stores remain closed, supply chains are affected, customer numbers have significantly dropped and businesses have to impose reduced work hours (Kurzarbeit) or forced leave to reduce costs.
The Dutch Supreme Court has confirmed the decision of the Amsterdam Court of Appeal, which found that the bankruptcy of the Russian based oil company, Yukos, could not be recognised in the Netherlands because it violates Dutch public policy.
The High Court of Hong Kong refused to allow a Chapter 11 Trustee to disclose a Decision from Hong Kong winding up proceedings in the US bankruptcy court. The US proceedings were commenced to prevent a creditor from taking action following a breach of undertakings given to the Hong Kong court in circumstances where the company had no jurisdictional connection with the US.
The Australian Federal Court has clarified the limitations for foreign entities and their office holders in pursuing action in Australia to access the voidable transaction provisions of the Australian Corporations Act.