Introduction

European Real Estate Finance: Market Update – Q1 2021 March 2021 Authors: Jeffrey Rubinoff, Dr. Thomas Flatten, Thierry Bosly, Hadrien Servais, Carl Hugo Parment, Fernando Navarro, Christophe Goossens, Julio Peralta, Angel Calleja, Aurélie Terlinden, Alexandra Stolt, Amitaben Patel & Brendon Vyas Further information on the response to COVID-19 can be found here, and we also have a German-language article, available here, looking at the impact on commercial leases. LIBOR Discontinuation Much has happened in the world of LIBOR Discontinuation since our last update.

简介

在最近 Re Lerthai Group Ltd [2021] HKCFI 207 一案中，原讼法庭澄清了法院在行使酌情权押 后清盘呈请以便公司能够进行债务重组时会考虑的因素。法院裁定，公司不但须证明在重组后 能够向要求立即还款的债权人偿还债务，而且须证明它将会继续经营盈利的业务，或至少在中 期内能够支付其到期债务。

背景

2017 年 9 月 29 日，中国工商银行（亚洲）有限公司（「工银亚洲」）与勒泰商业有限公司 （「勒泰」）订立了一份融资协议，融资金额为 1.5 亿港元。根据协议规定，香港联合交易所 有限公司主板上市的勒泰集团有限公司（「该公司」）须就此承担共同及各别责任。由于勒泰 及该公司拖欠还款，工银亚洲入禀追讨泰勒超过 1.7 亿港元的债务（「该债务」），并于 2020 年 5 月 19 日获判胜诉。

2020 年 7 月 2 日，工银亚洲就该债务对该公司发出法定要求偿债书。其后，该公司被提出清 盘呈请（「该呈请」）。该公司申请押后该呈请以便进行债务重组，而由于该公司的债务总额 接近 40 亿港元，工银亚洲请求法院立即颁下清盘令，因为其认为押后该呈请是徒劳无功的。 其他获发通知就该呈请出庭的债权人并没有出席聆讯。

簡介

在最近 Re Lerthai Group Ltd [2021] HKCFI 207 一案中，原訟法庭澄清了法院在行使酌情權押 後清盤呈請以便公司能夠進行債務重組時會考慮的因素。法院裁定，公司不但須證明在重組後 能夠向要求立即還款的債權人償還債務，而且須證明它將會繼續經營盈利的業務，或至少在中 期內能夠支付其到期債務。

背景

2017 年 9 月 29 日，中國工商銀行（亞洲）有限公司（「工銀亞洲」）與勒泰商業有限公司 （「勒泰」）訂立了一份融資協議，融資金額為 1.5 億港元。根據協議規定，香港聯合交易所 有限公司主板上市的勒泰集團有限公司（「該公司」）須就此承擔共同及各別責任。由於勒泰 及該公司拖欠還款，工銀亞洲入稟追討泰勒超過 1.7 億港元的債務（「該債務」），並於 2020 年 5 月 19 日獲判勝訴。

2020 年 7 月 2 日，工銀亞洲就該債務對該公司發出法定要求償債書。其後，該公司被提出清 盤呈請（「該呈請」）。該公司申請押後該呈請以便進行債務重組，而由於該公司的債務總額 接近 40 億港元，工銀亞洲請求法院立即頒下清盤令，因為其認為押後該呈請是徒勞無功的。 其他獲發通知就該呈請出庭的債權人並沒有出席聆訊。

Introduction

In Re China Huiyuan Group Ltd [2020] HKCFI 2940, the Court of First Instance declined to wind up a Hong Kong-listed Cayman company as the Court held that the petitioner failed to demonstrate that there was a real possibility of a tangible benefit to creditors upon the making of a winding up order.

Facts

SDF III Holdings Limited (the “Petitioner”) issued a petition to wind-up China Huiyuan Juice Group Limited (the “Company”) on the grounds of insolvency. The debt is not disputed.

Introduction

The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail.

Executive Summary

The economic impact of the COVID-19 pandemic led to a wave of creditor schemes of arrangement ("schemes") and restructuring plans ("RPs") in the second half of 2020, which shows no sign of abating in 2021. For the uninitiated, the scheme (a long-established tool) and the newer RP process are court led UK restructuring options that a company can use to bind a minority of creditors into a restructuring. An RP can also be used to "cram down" an entire dissenting creditor class into a deal where certain conditions are met.

In 2020, commercial chapter 11 bankruptcy filings climbed to their highest levels in recent years, as COVID-19 disruption sparked sharp declines in GDP and volatile stock market swings. Notably, the pandemic accelerated the restructurings of some companies that were already on the precipice of financial distress, particularly in the retail, energy, travel and hospitality sectors.

A report about the administrative practice of the German Takeover Panel in the last decade

The exemption from the requirement to launch a mandatory offer based on the restructuring of a target company is the most frequently applied exemption from the mandatory offer procedure in German takeover law. In view of the expected increase of restructuring cases due to the COVID-19 pandemic, it is likely to become even more important.