The government has introduced the Debt Respite Scheme (Breathing Space), which came into effect on 4 May 2021, which allows individuals who are struggling with debt to apply for a “breathing space” in which to sort out their finances.  This scheme, which was introduced in response to the unprecedented impact of the COVID-19 pandemic, includes residential tenants who are in arrears of rent.

What is a breathing space?

There are two types of breathing space:-

Hong Kong and the Mainland have agreed a new co-operation mechanism for cross-border insolvency. Under the agreement, liquidators from Hong Kong may apply to Mainland courts for recognition of insolvency proceedings in Hong Kong, whilst bankruptcy administrators from the Mainland can apply to the Hong Kong High Court for recognition of bankruptcy proceedings in the Mainland.

Hong Kong and the Mainland have agreed a new co-operation mechanism for cross-border insolvency.

Mr. O’Neill held a Buy-Out-Bond (BOB) with a pension provider. The retirement options were standard for such a product; allowing for the purchase of annuity, or investment in an Approved Retirement Fund (ARF) or Approved (Minimum) Retirement Fund (AMRF) as well as providing for taxable and non-taxable lump sum entitlements. Mr. O’Neill denied any entitlement of his official assignee (OA) in bankruptcy in exercising the retirement options provided by his pension where a Bankruptcy Payment Order (BPO) pursuant to s85 of the Bankruptcy Act 1988 (Act) had not been obtained.

The Department of Enterprise, Trade and Employment commenced a public consultation process on 8 February 2021, in relation to proposed legislation which will allow for a new restructuring procedure for the rescue of small companies.

Rettung durch Restrukturierung im Planverfahren (Restrukturierungsplan & Insolvenzplan)

Die enormen wirtschaftlichen Auswirkungen der weltweiten COVID-19-Pandemie haben die deutsche Wirtschaft in vielen Bereichen massiv getroffen. Für viele Branchen hat sich das Geschäftsklima erheblich verschlechtert. Geschäfte bleiben geschlossen, Lieferketten brechen ab, Reisen sind nur sehr eingeschränkt möglich, Umsätze sind deutlich zurückgegangen und Unternehmen müssen Kurzarbeit oder Zwangsurlaubeinführen, um laufende Kosten zu senken.

In a pair of significant judgments issued on the same day, Re China Huiyuan Juice Group Ltd. [2020] HKCFI 2940 and FDG Electric Vehicles Ltd. [2020] HKCFI 2931, the Honorable Mr. Justice Harris has once again issued highly relevant and timely guidance on key cross-border insolvency issues.

It is a basic principle of the law of corporate insolvency that the assets of a company are effectively frozen for the benefit of all of the company’s creditors when a liquidator is appointed. The principle is provided for under Section 602 of the Companies Act 2014. It provides that any disposition of company property, which includes the sale of shares in the company and the charging of company property, that is done without the sanction of the liquidator or a director who has retained the power to do so, will be void unless the court otherwise orders.

The government has finally come up with proposals to reform pre-pack administrations, requiring independent scrutiny of sales to connected parties, as Mathew Ditchburn explains.

Doing business in the United States

2021

2

Hogan Lovells

Doing business in the United States 2021

3

Contents

Introduction1

I.Openness of U.S. markets to foreign investment

2

II.Direct or indirect market entry and choice of entity

8

III. Commercial contracting

20

IV.Labor and employment law considerations

26

V.Immigration laws

34

VI.Intellectual property laws

40

VII. Export control and economic sanction laws

46

VIII. U.S. antitrust laws

56