Not your Ordinary Bankruptcy Case
Columbia, South Carolina is hot during the summer, such that the City adopted the motto “Famously Hot” a few years ago. Temperatures frequently exceed 100 degrees in the summer. On June 12, 1987, the PTL Club filed chapter 11 cases in Columbia, adding heat to the already hot City.
The filing of a bankruptcy petition under any chapter of the Bankruptcy Code creates the ‘automatic stay,’ which prevents creditors from taking any further action against either the debtor or the debtor’s assets during the bankruptcy. Seasoned bankruptcy attorneys know that a violation of the automatic stay is a serious matter and, because of this, appropriately advise their clients on complying with, or enforcing, the stay. However, stay violations can inadvertently occur even when all reasonable and necessary precautions are taken.
The Bankruptcy Protector
Procedure
The Bankruptcy Protector
简介
最近在Nuoxi Capital Ltd (In Liquidation in the British Virgin Islands) v Peking University Founder Group Co Ltd [2021] HKCFI 3817一案中，香港法院裁定，尽管香港法院承认维持完好契据（「维好契据」）的提供者在内地所提出的清盘程序并向管理人提供各种协助，但境外债券持有人在维好契据下的权利仍应根据合约的专属司法管辖权条款在香港裁决。
维持完好安排与释疑函件类似，都是内地企业支持其附属公司发行境外债券的常用增强信贷方式。由于维好契据不构成担保，内地企业集团往往以此规避禁止为境外债务提供抵押的规定。
背景
簡介
最近在Nuoxi Capital Ltd (In Liquidation in the British Virgin Islands) v Peking University Founder Group Co Ltd [2021] HKCFI 3817一案中，香港法院裁定，儘管香港法院承認維持完好契據（「維好契據」）的提供者在內地所提出的清盤程序並向管理人提供各種協助，但境外債券持有人在維好契據下的權利仍應根據合約的專屬司法管轄權條款在香港裁決。
維持完好安排與釋疑函件類似，都是內地企業支持其附屬公司發行境外債券的常用增強信貸方式。由於維好契據不構成擔保，內地企業集團往往以此規避禁止為境外債務提供抵押的規定。
背景
Introduction
This blog entry will be the first in a new, ongoing series of entries in the “Bankruptcy Protector” that will attempt to familiarize new attorneys and non-bankruptcy practitioners with the basic concepts of bankruptcy law of which all lawyers should be aware.
The Bankruptcy Protector