1 November 2020 ONC Corporate Disputes and Insolvency Quarterly Dear Clients and Friends, This special newsletter aims to regularly update practitioners on important and noteworthy cases in the areas of corporate disputes and insolvency in Hong Kong, the UK and other common law jurisdictions. We would also seek to give alert on important legislative and regulatory initiatives from Hong Kong.
Introduction
Section 209(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) empowers the Hong Kong court to make an order staying the winding-up proceedings after the winding-up order is made upon the application of, among others, a contributory. However, in the case of Safe Castle Limited v China Silver Asset Management (Hong Kong) Limited [2020] HKCFI 1028, Harris J made it clear that the court will be reluctant to exercise its discretion to stay a winding-up order pending appeal.
Introduction
Introduction
Introduction
Insurance rights for transferred assets or liabilities frequently are handled in one of two ways in a corporate transaction: either they are not mentioned at all, or the parties purport to transfer them without insurer consent. This is largely because insurer consent would be impractical, if not impossible, to obtain—even if one assumes it would ever be given. In either case, the rights to insurance may or may not transfer under the law governing the transaction.
Earlier this year, PG&E Corporation and its utility subsidiary, Pacific Gas & Electric Company (PG&E), filed the largest utility bankruptcy in U.S. history, and the sixth-largest corporate bankruptcy ever. As we previously noted, a crucial issue in this case was whether the U.S.
PG&E Corporation and its utility subsidiary Pacific Gas & Electric Company (PG&E) recently filed the largest utility bankruptcy in U.S. history, and the sixth-largest corporate bankruptcy ever.
PG&E Corporation has announced that it and its subsidiary, Pacific Gas & Electric Company (PG&E), California’s largest electric utility, will file for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of California on or about Jan. 29, 2019. PG&E stated it will file bankruptcy in response to challenges relating to the catastrophic wildfires that occurred in Northern California in 2017 and 2018, which resulted in an estimated $30 billion in potential liability damages.
Unfunded public union pension obligations have been making headlines for years, perhaps most notably with Detroit being forced into a contentious bankruptcy. Detroit, however, is hardly alone. Many states and municipalities have severely underfunded pension obligations crushing their balance sheets.