In a recent judgment, the Hong Kong Court reiterated the principles outlined in Kam Leung Sui Kwan v. Kam Kwan Lai [2015] 18 HKCFAR 501 (Yung Kee), the case concerning the famous roastgoose restaurant in the heart of Hong Kong's Central district, when determining whether to exercise its discretion to wind up a foreign-incorporated company. In this case, the court also refused to grant a stay of the petition in favor of arbitration.
Florida escape
The Singapore High Court has recently granted recognition to Hong Kong liquidation proceedings and liquidators for the first time under Singapore's enactment of the United Nations Commission on International Trade Law Model Law on Cross Border Insolvency (the model law).
Recent changes to the Property Law Act 1974 (Qld) (Act) have simplified the process for mortgagees exercising power of sale and do away with the need for a Court order.
Previously, a mortgagee was required to apply to a Court for a vesting order allowing it to exercise power of sale and to dispense with the requirement to give a Notice of Exercise of Power of Sale to the mortgagor.
Ford (Administrator), in the matter of The PAS Group Limited (Administrators Appointed) v Scentre Management Limited [2020] FCA 1023
Does an arbitration agreement protect a
debtor from the threat of liquidation?
27 July 2020
In Yeo, in the matter of Ready Kit Cabinets Pty Ltd (in liq) v Deputy Commissioner of Taxation,[1] the Court considered whether payments made to the Deputy Commission of Taxation (DCT) by a director of the company, required under a Deed of Company Arrangement (DOCA) were recoverable as unfair preferences.
In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such legislation generally presumes that the debtor is insolvent if it has failed to comply with a statutory notice requiring the debtor to pay a certain debt within a given period of time (a statutory demand).
Hogan Lovells Publications | 06 July 2020
Contracts and Insolvency – a transformational change
New statutory provisions retrospectively change the way many existing and future contracts work. Businesses urgently need to look afresh not just at supply arrangements but also many other significant transactions of which the supply of goods or services forms part.
Real Estate Quarterly
Summer 2020
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Die anstehende Marktkonsolidierung birgt fusionskontrollrechtliche Herausforderungen
Die COVID-19-Pandemie ist schon lange nicht mehr nur eine Gesundheitskrise, sondern hat sich zu einer globalen Wirtschaftskrise entwickelt, die viele Unternehmen in massive wirtschaftliche Schwierigkeiten bringt. Erwartet wird eine Konsolidierung, bei der finanziell angeschlagene oder insolvente Unternehmen übernommen werden. Auch der Präsident des Bundeskartellamtes, Andreas Mundt, hält eine Übernahmewelle in Folge der Corona-Krise für ein mögliches Szenario.