In its decision of October 27, 2022 (IX ZR 145/21), the German Federal Court of Justice (BGH) ruled on a long-running dispute under German insolvency law. In its decision, the Court assumed that the insolvency administrator's right of realization under section 166 German Insolvency Code (InsO) does not extend to other rights.

In den letzten Wochen haben in Deutschland zwei größere Betreiber der stationären Pflege und von betreutem Wohnen Insolvenz angemeldet. Auch wenn dies aus unserer Sicht nur Einzelfälle sind und kein Krankheitssyndrom der Pflegebranche darstellt, geben diese Fälle Anlass für eine kurze rechtliche Orientierung wie sich solche Insolvenzen auf alle Leistungsbeziehungen auswirken.

Auswirkungen auf Miet- und Pachtverhältnisse

Introduction

When a company encounters financial difficulty, one of the ways to restructure its debts is by entering into a scheme of arrangement with its creditors. Under section 673 of the Companies Ordinance (Cap. 622), the Court may sanction a scheme of arrangement. The sanctioned scheme will be binding on the company and the creditors or class of creditors with whom the arrangement is proposed to be entered into.

簡介

一間公司陷入財政困難時，其中一個重組債務的方法是與債權人訂立債務償還安排（scheme of arrangement）。根據香港法例第622章《公司條例》第673條，法院有權認許債務償還安排。經法院認許的債務償還安排將對公司及擬訂立該安排的債權人或類別債權人具有約束力。

最近在Re Hong Kong Airlines Limited(香港航空有限公司) [2022] HKCFI 3792一案中，法院需考慮是否認許香港一間大型航空公司提出的債務償還安排計劃。

案情

香港航空有限公司（「該公司」）是一間提供客貨空運以及其他航空相關服務的香港公司。由於新冠病毒疫情對航空業界造成嚴重打擊，該公司的現金流周轉不靈，合共欠債約490億港元。除非該公司能將現時債務重組，否則很可能清盤。

简介

一间公司陷入财政困难时，其中一个重组债务的方法是与债权人订立债务偿还安排（scheme of arrangement）。根据香港法例第622章《公司条例》第673条，法院有权认许债务偿还安排。经法院认许的债务偿还安排将对公司及拟订立该安排的债权人或类别债权人具有约束力。

最近在Re Hong Kong Airlines Limited(香港航空有限公司) [2022] HKCFI 3792一案中，法院需考虑是否认许香港一间大型航空公司提出的债务偿还安排计划。

案情

香港航空有限公司（「该公司」）是一间提供客货空运以及其他航空相关服务的香港公司。由于新冠病毒疫情对航空业界造成严重打击，该公司的现金流周转不灵，合共欠债约490亿港元。除非该公司能将现时债务重组，否则很可能清盘。

Although the IMF recently announced at Davos that it would upgrade its global economic forecasts, with an improvement predicted in the later part of 2023 and into 2024, times remain difficult for many companies and their lenders – and are likely to remain so for a while yet.

The High Court has, for the first time, used the cross-class cram down mechanism when sanctioning a restructuring plan proposed under Part 26A Companies Act 2006.

Further to sanction of the DeepOcean restructuring plans on 13 January 2021, on 28 January 2021 Mr Justice Trower (Trower, J) handed down his judgment setting out why – for the first time – the court had exercised its discretion to sanction a restructuring plan in the face of a dissenting class of creditors.

In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme company.

A going concern

Our review of 2022 brings you right up-to-date with the latest developments in restructuring and insolvency law in Hong Kong and the mainland.