In the landmark decision in case (2021)粤03认港破1号(2021) Yue 03 Ren Gang Po No. 1 (Shenzhen Court Decision), the Shenzhen Intermediate People’s Court (Shenzhen Court) ordered formal recognition in Mainland China of liquidators appointed by the Hong Kong Court of First Instance (Hong Kong Court) over Samson Paper Company Limited (Company) to permit the liquidators to exercise powers over the Company’s assets located in Mainland China.
On December 24, 2020, the European Union (EU) and the United Kingdom (UK) unveiled a Trade and Cooperation Agreement (TCA) establishing the broad relationship between them after the end of the Brexit transition period on December 31, 2020, with a particular focus on international trade, investment, public policy, and economic partnership between EU Member States and the UK.
On October 14, 2020, the honorable Christopher Sontchi, Chief Judge of the Delaware Bankruptcy Court, issued an opinion in the Extraction Oil and Gas bankruptcy case finding that certain oil, gas and water gathering agreements (the “Agreements”) did not create covenants running with the land under Colorado law and are thus subject to rejection in Extraction’s chapter 11 proceedings.
2020年の初めに新型コロナウイルス感染症（COVID-19）パンデミックが広がり始めてから、その拡散を抑えるために全米の州知事が事業の閉鎖を命じる行政命令を出しました。多くの事業主が、事業閉鎖期間の賃料の支払義務から逃れるための救済手段を探ろうとして賃貸借契約書、特にその不可抗力(force majeure)条項を調べました。事業体やその弁護士は、今まで経験したことのない性質のパンデミックと相次ぐ事業閉鎖を目の当たりにしていますが、そのような重要事項の指針となる判例はわずかしかありませんでした。しかし、イリノイ州J.B.プリツカー知事がCOVID-19危機の対応策として、レストランに対して同施設で食事をする客に料理を出す(on-premises consumption)ことを禁じる行政命令を出した結果1、 Hitz Restaurant Group事件において、イリノイ州北部地区連邦破産裁判所は、近時、賃貸借契約書に含まれる不可抗力条項に基づき、テナント（賃借人）‐債務者の賃料支払義務は一部免除されると判示しました。
概要
新型コロナウイルス感染症（COVID-19）パンデミックが、引き続き世界経済に多大な被害を及ぼしています。そのような状況で、破産手続の申請により債務救済措置を講じる米国会社の数が増えていることにお気づきかもしれません。この数カ月のうちに破産手続の申請をした企業には、J.C. Penney、Hertz、Gold’s Gymをはじめとして、最近ではChesapeake EnergyやBriggs & Strattonなど、多種の産業セクターに属する会社が含まれています。米国では、2020年後半に、COVID-19による倒産・破産件数が急増する傾向があり、そのような傾向は2021年に入ってもさらに続くことを予測しているビジネス・アナリストもいます。 |
Executive Summary
During the course of the most recent bull market, merger and acquisition (M&A) activity generally remained robust. We increasingly saw competitive auctions for desirable companies, some of which also had the ability to pursue an initial public offering instead of a sale. In the years since the 2008 financial crisis, many acquisitive companies have become accustomed to pursuing target companies with solid balance sheets and bright prospects.
How does one go bankrupt? Two ways — gradually and then suddenly.
(Paraphrase of Hemmingway, by way of CFTC Chairman Heath Tarbert)
During the UK government’s daily COVID-19 press conference on 28 March 2020, Business Secretary Alok Sharma announced that changes to insolvency laws are to be introduced at the “earliest opportunity,” to provide businesses with greater flexibility and support to “weather the storm.”
Proposed changes
The new restructuring tools include:
Amidst the uncertainty in the global capital markets introduced by the COVID-19 pandemic, many clients have begun to plan for an economic downturn. This briefing, while not exhaustive, highlights certain U.S. tax issues that clients, both debtors and creditors alike, should consider as they plan around the rapidly evolving economic environment.
Debt Restructurings and Modifications