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Important Changes under the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 - Part 3: Strengthening Regulation under the Winding Up Regime

This is the third in a series of articles highlighting the changes to be brought in by the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance). Since our last article, 13 February 2017 has been announced as the date when the Amendment Ordinance will come into effect. The Amendment Ordinance makes amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) and the Companies (Winding Up) Rules (CWUR).

United Kingdom, Company & Commercial, Insolvency & Restructuring, Deacons, Income Tax Assessment Act 1936 (Australia)
Singapore Court of Appeal Sets Out Test for Exercise of Discretion to Order Buy-out in Lieu of Winding-up

In its recent judgment in Ting Shwu Ping (Administrator of the estate of Chng Koon Seng, Deceased) v Scanone Pte Ltd and another appeal [2016] SGCA 65, the Singapore Court of Appeal set out the test to be applied in deciding whether to exercise its discretion under section 254(2A) of the Companies Act to order a buy-out instead of a winding-up where a party has applied to wind up the company under section 254(1)(f) (where the directors have acted in the affairs of the company in their own interest rather than the interests of members as a whole) or section 254(1)(i) (where it is ju

Singapore, Insolvency & Restructuring, Litigation, Duane Morris LLP, Court of Appeal of Singapore
Singapore Unveils New Proposed Debt Restructuring Legislation

Singapore’s Ministry of Law has unveiled proposed amendments to the Singapore Companies Act to be made in 2017 to strengthen Singapore as an International Centre for Debt Restructuring (“the proposed amendments”). The Ministry of Law released the proposed amendments for public consultation from 21 October 2016 to 2 December 2016.

Singapore, Company & Commercial, Insolvency & Restructuring, Duane Morris LLP, Debt restructuring
First Circuit Bankruptcy Appellate Panel Latest to Warm Up to Protections for Trademark Licensees in Bankruptcy

In its recent decision in Tempnology LLC, n/k/a Old Cold, LLC v. Mission Product Holdings, Inc. (In re Tempnology LLC), No. 15-065 (B.A.P. 1st Cir. Nov. 18, 2016), the U.S. Bankruptcy Appellate Panel for the First Circuit (“the BAP”) rejected the Fourth Circuit’s holding in Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., 756 F.2d 1043 (4th Cir.

USA, New Hampshire, Insolvency & Restructuring, Litigation, Trademarks, Duane Morris LLP, Fourth Circuit, First Circuit
Recent Ninth Circuit Court of Appeals Decision Renders Entz-White Void: Default Interest Can Be Collected by Secured Creditor in Connection with a Cure Under Chapter 11 Plan

The Ninth Circuit Court of Appeals recently issued a decision in Pacifica L 51, LLC v. New Investments, Inc. (In re New Investments, Inc.) (16 C.D.O.S. 11723, Nov. 4, 2016), which held that a secured creditor can collect default interest in connection with a cure under a chapter 11 plan, thereby rendering void the long-established rule under Great W. Bank & Tr. v.

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Ninth Circuit
Court of Appeal confirms that Court does have jurisdiction to grant leave to amend a creditor’s winding-up petition to include debts accrued after its presentation

In Re Hin-Pro International Logistics Ltd, CACV 54/2016, the Court of Appeal upheld the Court of First Instance (CFI) decision that the courtdoes have jurisdiction to grant leave to amend a creditor’s winding-up petition, to include debts accruedafter its presentation. The company had been granted leave to appeal the CFI decision to enable the Court of Appeal to consider whether the rule in Eshelby v Federated European Bank Ltd [1932] 1 KB 254 (the Eshelby Rule), still applied.

Hong Kong, Insolvency & Restructuring, Litigation, Deacons, Liquidation, Court of Appeal of England & Wales
Important Changes under the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016-Part 2: Streamlining the Winding Up Process

This is the second in a series of articles highlighting the changes to be brought in by the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance), which was gazetted on 3 June 2016 and will come into effect on a date to be appointed by the Secretary for Financial Services and the Treasury.

Hong Kong, Insolvency & Restructuring, Deacons
Massachusetts Bankruptcy Court Rules That Parents Receive Reasonably Equivalent Value in Exchange for Paying Their Child's Tuition

College students across the country have begun returning to campus for the start of the fall semester. This arrival heralds new opportunities, new friends and new classes. It also means new tuition payments. Given the soaring price of college tuition, many students will rely on their parents to assist them with the cost of attendance. This parental support may take many forms, from co-signing or guarantying undergraduate loans to directly funding tuition costs.

USA, Massachusetts, Banking, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Public, Duane Morris LLP, United States bankruptcy court
Post-Petition Interest in a Solvent Case: What Interest Rate Controls?

In today's low interest rate environment, the difference between a contractual interest rate and the federal judgment rate can be quite significant. It is not surprising, therefore, that this issue has become hotly litigated in cases involving solvent Chapter 11 debtors. Recently, the U.S. District Court for the Northern District of Illinois, in Colfin Bulls Funding A v. Paloian (In re Dvorkin Holdings), 547 B.R. 880 (N.D. Ill.

USA, Banking, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Discovery, Default (finance), US Congress, The Legal Intelligencer, United States bankruptcy court, US District Court for Northern District of Illinois
Important Changes under the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 - Part 1 : Increased Creditor Protection

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance), gazetted on 3 June 2016, will come into effect on a date to be appointed by the Secretary for Financial Services and the Treasury. It amends the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap 32. This article is the first in a series, highlighting the major changes to be introduced.

Aims of Amendment Ordinance

The Amendment Ordinance aims to:

Hong Kong, Company & Commercial, Insolvency & Restructuring, Deacons, Debt, Liability (financial accounting), Liquidation