What are the options for companies in financial difficulty in Taiwan?

If the company is listed on the Taiwan stock exchange, then the company may pursue a formal reorganisation as set forth under Article 282 of the Company Act.  

If a listed company (as referred to above) is unable to pursue reorganisation, and in respect of all other companies, a company will enter into a formal bankruptcy procedure under the Bankruptcy Act in order to implement an equitable and orderly repayment scheme amongst its creditors.  

Introduction This briefing complements our other publications on corporate restructuring and the sale or purchase of distressed assets.  

What are the options for companies in financial difficulty in the PRC?  

Summary  

The international banking crisis has hit hard. German banks and companies are also affected. This briefing provides an insight on questions that are typically raised when persons are exposed to insolvency situations which involve proceedings initiated in Germany or abroad but have a connection to Germany in certain aspects.  

When does German Insolvency Law apply?  

In the early nineties, Quebec adopted new personal property legislation under the reform of the Civil Code of Quebec (the "CCQ"). However, the CCQ incorporated language and legislation from Quebec's former personal property regime. This combination of old and new legislation has, in some cases, left remnants of formalism surrounding the creation of certain types of hypothecs (security interests). In Positron Technologies Inc.

Introduction  

Current turbulent times and the onset of recession are likely to result in an increase in the number of distressed sales and ultimately insolvencies. For those who are fortunate to be in the market as buyers, there may be considerable opportunities but equally there are significant traps for the unwary. This briefing examines some of the key issues which should be considered by prospective buyers of businesses in financial difficulties which are not in formal insolvency proceedings.  

What is a debt restructuring?

The aim of any restructuring (also sometimes called a workout) is to rearrange the debtor’s financial commitments so that it is able to service its restructured debts and survive as a going concern. It is important to note that this is a consensual process and is not undertaken under the supervision of a court or other supervisory body - therefore, it is important the all creditors are involved.  

If it’s voluntary, how does it work?

For most lenders, taking security from their borrowers is pretty straightforward: take a general security agreement covering inventory, receivables and all other collateral, add some guarantees, and then look to see if there are any other loose ends that need tying up. But for businesses in regulated industries where some sort of government-issued licence is a threshold requirement, it's not that easy.

Introduction

Following the administration proceedings recently instituted against a number of UK entities (Affected Companies), many counterparties (Counterparties) may wish to terminate transactions under the TBMA/ISMA Global Master Repurchase Agreement (GMRA) entered into between them and Affected Companies.

On 15 September 2008, the FSA published a statement concerning Lehman Brothers Holding Inc.

In the statement the FSA states that Lehman Brothers Holding Inc, a US investment bank, announced that it intends to file a petition under chapter 11 of the US Bankruptcy Code.

Introduction

On 25 July 2008, HM Treasury published a Consultation Paper entitled Modernising the insolvency protections for the operation of financial markets - proposals to reform Part 7 of the 1989 Companies Act (the Consultation Paper).

Proposals