Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
自改革开放以来,我国经济经历了四十余年的高速增长,目前已由高速增长阶段转向高质量发展阶段。在高速增长阶段积累的债务风险近年来不断显现,金融机构的不良资产不断增加。现阶段为深化供给侧结构性改革,推动经济高质量发展,对我国经济社会发展过程中存在债务风险的重点领域实施系统性、高质量的债务重组是重要的着力点之一。
自上世纪九十年代以来,金杜开始参与我国一些大型企业集团的债务重组工作;2007年《企业破产法》实施后,金杜更是一直活跃在债务重组市场的一线,既承办和参与了包括海航集团、紫光集团、渤海钢铁、永泰能源、盐湖股份、雨润集团、包商银行、新华信托等在内的一大批大型企业债务重组案件,也承办了大量的“三无”、中小型的企业破产清算案件。金杜债务重组部三十多年来一直专注债务重组领域,积累了丰富的债务重组实践经验。为对我国的债务重组实践提供有益借鉴,同时也为金杜能够更好地服务于债务重组市场,结合过往承办的债务重组具体案例,我们对债务重组市场进行2023年度回顾和观察分析,以期对相关法治建设、营商环境改善以及提高债务重组质量建言献策。
目录
一、2023年我国宏观债务形势整体观察
(一)2023年度宏观经济形势
(二)我国目前存在债务问题的重点领域
Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.
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.
Following our previous article, the Court of Appeal dismissed an appeal following the High Court deciding that a moratorium in relation to restructuring proceedings in Azerbaijan could not be extended in breach of the Gibbs rule, allowing two significant creditors to proceed with their claims in the English Courts.
Despite the debtor's contention that his primary residence was in the United States, the Court held that it had jurisdiction to make a Bankruptcy Order following a petition presented by HMRC.
HMRC presented a bankruptcy petition against Robert Stayton on 30 May 2014 who owed approximately £653,640. The matter came before the court on a number of occasions before the final hearing, with judgment being handed down in November 2018.
A discharged Bankrupt had intentionally misled the Court as to his COMI being in England and Wales in order to obtain a Bankruptcy Order. Four years after the making of the Bankruptcy Order, the Court annulled it on the grounds that the Court did not have jurisdiction to make the Order in the first place.
Ashfords successfully acted for the Joint Trustees in Bankruptcy of Vincent Mascarenhas (deceased) in their application to discharge Freezing Orders, an Interim Charging Order and an Interim Third Party Debt Order obtained by creditors of the late Bankrupt in 2014. The Joint Trustees were not a party to the original proceedings but had standing to make the applications.
The Hong Kong Court have confirmed for the first time that a foreign voluntary liquidation is eligible for common law recognition and assistance in Hong Kong.
China Culture Media International Holdings Limited, incorporated in the BVI, was wound up on 9 May 2016. China Culture was the sole shareholder of Supreme Tycoon Limited, also incorporated in the BVI.
In an urgent application, the Court of Appeal held that a CVA should be precluded from becoming effective where an unanticipated claim of €126.7m was submitted after the CVA was approved but before the statutory bar on new claims had lapsed.