As foreshadowed in his decision last month (Nuoxi Capital Ltd & ors v Peking University Founder Group Company Limited[2023] HKCFI 1350 (the “PUFG Case”)), on 15 June 2023, Harris J handed down a second decision on keepwell deeds, this time in relation to US$450,000,000 bonds issued by Tsinghua Unigroup Co., Ltd (“Tsinghua”)’s indirect subsidiary: s

The U.S. Bankruptcy Appellate Panel for the Eighth Circuit recently held that, at a minimum, a substantial change in circumstances is required to justify modification of a bankruptcy plan under Section 1229.

The Eighth Circuit BAP also determined that the bankruptcy court’s ruling that the debtors met their burden of showing an unanticipated, substantial change in circumstances was not clearly erroneous, despite multiple changes by the debtor, nor was the bankruptcy court’s finding that the fourth modified plan was feasible and confirmable.

The U.S. Court of Appeals for the Seventh Circuit recently affirmed the dismissal of a consumer’s lawsuit against a debt collector, holding that the consumer lacked Article III standing to sue because his allegations of ʺconfusion” and “alarm” were not sufficiently concrete to result in an injury in fact.

On 15 May 2023 (with Reasons for Decision delivered on 18 May 2023), the Companies Court made a winding-up order against Dangdai International Investments Ltd (當代國際投資有限公司) (“the Company”) which is in turn wholly owned by Wuhan Dangdai Science & Technology Industries (Group) Company Ltd (武漢當代科技產業集團股份有限公司) (“Wuhan Dangdai”).

The Facts – Shortly Stated

在终审法院最新颁布的 Re Guy Kwok-hung Lam[2023] HKCFA 9突破性裁决中，终审法院驳回了该案的上诉，并且在判词中就专属管辖权条款（EJC）是否对提交破产呈请有影响这一棘手问题作出裁决，平息了长期对于相关议题的争论。

简而言之，终审法院认可上诉法院大多数法官对于本案的观点，认为一般来说，如果呈请债务的基础争议受制于专属管辖权条款，除非有其他反面因素存在（例如债务人破产的风险将会影响第三方、债务人的呈请以几乎无意义的争议为基础，或者发生滥用法律程序的情况等）， 则法院应驳回该破产呈请。

终审法院在裁定中指出，当只有一名债权人提出破产呈请，而没有证据表明全体债权人都面临风险时，破产制度背后的公共政策因素的重要性则显着降低。

这一裁定反映了法院非常重视当事人自治的原则，以及当事人之间自由达成的协议。该判决将会对破产领域产生深远的影响，以及对处理清算及破产呈请中的仲裁条款产生涟漪效应。

In the latest ground breaking decision in Re Guy Kwok-hung Lam[2023] HKCFA 9, the Court of Final Appeal dismissed the appeal and laid to rest a long-standing debate on the vexing question concerning the impact, if any, exclusive jurisdiction clauses (EJCs) have on the presentation of bankruptcy petitions.

In a bankruptcy trustee’s adversary action to recover money paid to a collection agency within 90 days prior to the filing of the debtor’s bankruptcy petition, and pursuant to a previous garnishment order, the U.S. Court of Appeals for the Seventh Circuit recently reversed the ruling of a trial court denying the trustee’s application.

Over the past year, the ebb and flow of bankruptcy filings has been an interesting one. Through 11 months, the number of bankruptcy filings has decreased from 2021, which was already at its lowest level since the 1980s.

The total number of bankruptcy filings through November stands at 346,760. Based on a recent monthly uptick in both consumer and commercial filings, we should expect the year to end with approximately 385,000, a 4% decrease from the 401,291 filings in 2021.

The U.S. Court of Appeals for the Ninth Circuit recently affirmed a bankruptcy court’s judgment in favor of a debtor who sought to avoid a judgment lien under California’s homestead exemption law.

In so ruling, the Ninth Circuit held that, when a judgment lien impairs a debtor’s state-law homestead exemption, the Bankruptcy Code requires courts to determine the exemption to which the debtor would have been entitled in the absence of the lien.