Introduction

Background

The European Union (Insurance and Reinsurance) (Amendment) Regulations 2021 (2021 Regulations) will come into operation on 30 June 2021, giving effect to Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (2019 Directive).

The 2019 Directive amends the Solvency II Directive (2009/138/EC), the MiFID II Directive (2014/65/EU) and the 4th Anti-Money Laundering Directive (2015/849/EU).

In a recent High Court decision, a provisional liquidator was ordered to pay the costs of the official liquidator (who replaced the provisional liquidator and was appointed as the new liquidator of the company) and Revenue without being entitled to have recourse to the assets of the company.

The Examinership of Norwegian Air

Key Features

// C O R P O R AT E R E S T R U C T U R I N G & I N S O LV E N C Y

The Examinership of Norwegian Air Group Key Features

On 26 May 2021 Norwegian Air Shuttle ASA (NAS) and related companies (Norwegian Air) exited examinership in Ireland. Through the restructuring Norwegian Air:

raised NOK 6 billion (590 million) in new capital through share and hybrid debt offerings;

The Department of Enterprise, Trade and Employment has published the outline of proposed legislation for a dedicated rescue and restructuring framework for insolvent or potentially insolvent small and micro companies – see here.

Introduction

引言

在Re China Huiyuan Group Ltd [2020] HKCFI 2940一案中，原訟法庭拒絕對一家在香港上市的開曼公司進行清盤，因為原訟法庭認為，呈請人未能證明在作出清盤令後，債權人確實有可能獲得實際利益。

案情

SDFIII Holdings Limited（以下簡稱「呈請人」）以資不抵債為由，發出對China Huiyuan Juice Group Limited（以下簡稱「該公司」）進行清盤的呈請。各方對該債務沒有爭議。

該公司在開曼群島註冊成立，並在香港聯交所主板上市。該公司的資產包括在英屬處女群島註冊成立的附屬公司的所有權，該等附屬公司在中國內地擁有附屬公司，而該等附屬公司又擁有該公司的相關資產，並開展生產及其他業務。

對該公司無爭議的是，該公司已資不抵債。該公司要求押後該呈請，以推進該公司的債務重組。由於股份已暫停買賣，而該公司亦面臨潛在的退市問題，該公司認為重組是令集團業務重回正軌的唯一方法，長遠而言，對該公司的債權人是有利的。

因此，法院將裁定是否立即發出清盤令或批准延期。

爭議點

爭議點如下：-

Introduction

In the recent case of Re Victor River Ltd [2021] HKCFI 886, which concerns the winding-up of a foreign company, the Court of First Instance applied the long-developed three core requirements which must be satisfied before exercising discretionary jurisdiction of the Court. In particular, the Court discussed how the holding of shares in a delisted company may impact on the Court’s consideration of the three core requirements. 

Background

Background

In a recent High Court decision, it was ruled that the liquidator not only failed in his application before the court, but in bringing forward an application that was 'doomed to fail', the liquidator was acting negligently and breached his duty of care to the company as liquidator. As a result, the liquidator was held personally liable for the costs of the application.

簡介

中國於 1986 年頒布《企業破產法》。《企業破產法》屬全國性法律，但只適用於企業清盤， 並不涵蓋自然人破產。中國首部個人破產法規《深圳經濟特區個人破產條例》（「該條例」） 於 2020 年 8 月 31 日頒布，並已於 2021 年 3 月 1 日生效。當局在草擬該條例時，參考了多個 市場經濟發展較為成熟的司法管轄區的法律，例如英國、美國、德國、日本、香港及台灣。該 條例旨在建立完整的現代化破產制度，讓誠實而不幸的債務人能夠從債務危機中解脫出來。

申請個人破產的準則 

根據該條例第二條，該條例適用於符合下列準則的自然人：

1. 在深圳經濟特區居住；
2. 連續三年繳納社會保險費；及
3.  資產不足以清償全部債務或因生產經營、生活消費導致喪失清償債務能力。 

上述債務人應當清償債務或與債權人達成和解協議。如債務人符合以上準則但有未來可預期收 入，則可進行重整。債務人若已按照該條例展開個人破產程序，其配偶亦可提交個人破產申 請，無需符合關於居住地及社會保險費的準則。