Heidi Chui, Stevenson, Wong & Co
This is an extract from the 2023 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
Look Chan Ho, Des Voeux Chambers
This is an extract from the 2023 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
Insolvency law, by nature, flourishes in difficult times. Just like last year, restructuring and insolvency activity in 2022 continues to flourish all over the world, together with rapid insolvency law reform.
Hajime Ueno, Masaru Shibahara and Hiroki Nakamura, Nishimura & Asahi
This is an extract from the 2023 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
Nuo Ji, Lingqi Wang, Jessica Li and Sylvia Zhang, Fangda Partners
This is an extract from the 2023 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
Rabindra S Nathan, Shearn Delamore & Co
This is an extract from the 2023 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.
In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)
In a recent decision, the Court of Appeals for the Fifth Circuit held that an agreement between a debtor, a surety, and third-party beneficiaries was not an executory contract and, thus, was ineligible to pass-through the bankruptcy unaffected. The Fifth Circuit, however, adopted a modified Countryman test for muti-party executory contracts. Matter of Falcon V, L.L.C., 2022 WL 3274174 (5th Cir. 2022).
Background
On 22 July 2022, the English High Court sanctioned Houst Limited’s (“Houst” or the “Company”) restructuring plan (the “Restructuring Plan”), which significantly, is the first time a Restructuring Plan has been used to cram down HM Revenue & Customs (“HMRC”) as preferential creditor.1
Background
Journal of Corporate Renewal 16 June 2022 EUROPEAN Restructuring Outlook: CONSIDERATIONS FOR LENDERS BY TAYYIBAH ARIF, COUNSEL & OLA MAJIYAGBE, ASSOCIATE, DECHERT LLP As Europe prepared to emerge from the COVID-19 pandemic and navigate the resultant uncertain economic environment, Russia invaded Ukraine in February 2022, plunging the continent into disarray once again. The unprecedented pandemic followed on the heels of Brexit, which itself will have lasting impact on the region.
Creditors seeking to enforce an undisputed debt against a solvent foreign non-Hong Kong company in the courts of Hong Kong will welcome the recent judgment of the Court of Final Appeal (CFA) in Shandong Chenming Paper Holdings Limited v Arjowiggins HKK 2 Limited [2022] HKCFA 11, as the CFA helpfully backs a broader and more commercially holistic interpretation of a key tenet relating to how Hong Kong courts approach certain threshold assessments involving winding up petitions brought by creditors in Hong Kong against foreign incorporated companies.