Responses to the HM Treasury call for evidence on the Review of Solvency II
On 1 July HM Treasury published a summary of the responses received to its autumn 2020 call for evidence on the Review of Solvency II.
HM Treasury comments
Includes developments in relation to: ESG; CRR; COVID-19; IFPR; Basel III; Securitisation Regulation; LIBOR; and EMIR.
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HEADLINES
With the global economic downturn, businesses may begin to show signs of insolvency. Indeed, we have seen an increasing number of applications for compulsory winding-up processed by Hong Kong courts.
着全球经济陷入低迷，企业无力偿债的迹象开始浮现。事实上，我们看到香港法院处理的强制清盘申请数目正在增加。
若您是债权人一方，当您的债务人无法还款时，很自然地您会考虑应采取哪些行动。如果债务人是离岸公司，情况或会变得复杂。近期有数宗个案涉及在香港联交所上市的公司，其注册地位于其他司法管辖区，而资产和主要业务则位于中国內地。这些个案显示，债权人在处理拥有类似分层架构的公司时需要考虑一些重要问题。这份客户简报就这些问题和应考虑的事项进行讨论。
将一家公司清盘
如您的债务人无法还款，您会开始考虑各种选项，而选项之一可能是将该公司清盘。然而，在展开有关行动前，您应该先评估一些事项。
在香港进行清盘
债务人能否就债务提出有实质理由的争辩？
在对债务人公司进行清盘时，您会以债务人无力偿还债务作为理由1，而常见用以支持这个理由的依据是债务人在收到法定要求偿债书后三个星期内仍未能清偿债务。
The merger of Premier Oil plc (“Premier”) and Chrysaor Holdings Limited (“Chrysaor”) completed on 31 March 2021, with Premier’s shares being readmitted to trading the following day under the new name of Harbour Energy plc. Harbour Energy is now the largest independent oil and gas company listed on the London Stock Exchange with combined production of over 250 kboped.
On April 1, 2021, the Supreme Court of Canada dismissed an application for leave to appeal the decision of the Court of Appeal of Québec (QCA) in Séquestre de Media5 Corporation, 2020 QCCA 943, which had put an end to a long-lasting debate on the availability of ‘national’ receivers to Québec secured creditors. The decision of the QCA is now final.
The fallout from the COVID-19 pandemic has seen some well-established and high profile names, particularly on the British high street, enter into UK insolvency processes. Debenhams, Arcadia, Laura Ashley, Oasis, Warehouse and Jaeger are just some of the big names that have collapsed into administration over the past year. Another thing that all of these brands have in common is that they were bought out of administration by investors looking to uncover their underlying value and restore them to their former glory.
Along with a tense election south of the border, 2020 brought COVID-19 and its attendant devastating loss of life and far-ranging economic implications, both positive and negative. The world now looks to 2021 with significant uncertainty with respect to what comes next. Certain sectors of the economy, in particular, may be irreparably damaged.
In Chandos Construction Ltd. v Deloitte Restructuring Inc., the Supreme Court of Canada confirmed the application of the common law anti-deprivation rule in the context of a Bankruptcy and Insolvency Act (BIA) proceeding.
The Corporate Insolvency and Governance Act (the “Act”) entered into force on 26 June 2020.
The Act makes three significant permanent reforms to our restructuring and insolvency regime, and also contains temporary measures designed to mitigate some of the economic and practical challenges of COVID-19. On 24 September 2020 the Government announced the extension of certain of the temporary provisions which had been due to expire on 30 September 2020.
In this update we provide a brief overview of the key restructuring and insolvency measures introduced by the Act.