Following our previous alert here on Justice Middleton’s decision in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (Administrators Appointed),[1] the administra
合伙型基金退出时，合伙人之间可能因存在争议而无法自行组建清算组或虽然组成清算组却无法顺利完成清算。这便引发合伙型基金可否通过法院程序进行司法清算的问题。我们曾代理过一起非常罕见的合伙型基金司法清算的案件，开创上海市指定第三人担任基金清算组负责人的先例，案件在其他诸多方面都在上海地区乃至全国具有领先地位和创新意义。
所谓司法清算，亦即强制清算，是相对于企业自行清算而言，一般是指法院介入合伙型基金清算程序的制度，可以是法院组建清算组，也可能是法院监督清算程序，亦或当清算出现障碍时请求法院排除妨碍等。针对公司的强制清算，最高人民法院出台了《最高人民法院关于适用中华人民共和国公司法>若干问题的规定（二）》（以下简称“《公司法司法解释（二）》”）及《关于审理公司强制清算案件工作座谈会纪要》（以下简称“《公司强清纪要》”）。但有关合伙型基金的清算尚无较为全面和细致的立法体系，因此，合伙型基金通过司法方式进行强制清算的先例很少，且争议颇多。
The UK Government has today announced plans to introduce new legislation which will require mandatory independent scrutiny of 'pre-pack' administration sales, where connected parties, such as the insolvent company's existing directors or shareholders, are involved in the transaction.
The Budget reaffirmed the Government’s commitment to implementing reforms to support consumers and businesses affected by COVID-19.
The Government confirmed the implementation of a number of measures designed to reduce the regulatory burden to ensure a timely flow of credit and resolution for distressed business. These include:
第一部分：向香港特别行政区和中国内地客户介绍孤儿SPV打包重组交易
Although the Sunbird scheme of arrangement was approved by the relevant creditors, sanction was refused by Mr. Justice Snowdon, who highlighted:
- a ‘paucity of information provided by the company as part of the scheme process’, and
- a failure to engage with creditors ‘whom the directors clearly felt were irrelevant or would be an obstacle to their plans’.
He remarked that the company’s approach 'fell a considerable distance short of what was required for a fair process'.
Despite commentators’ recent focus on the new Part 26A restructuring plan, introduced in late June by the Corporate Insolvency and Governance Act 2020, the scheme of arrangement under Part 26 of the Companies Act 2006 (“scheme”) remains a popular tool for companies to reach a compromise or arrangement with their creditors and/or its members.
Part 1: Introduction to orphan SPV repackaging transactions for Hong Kong SAR and Mainland China clients
This article was written by Richard Mazzochi, Minny Siu, Angus Sip and Ryan Iskandar
I. Introduction
Complex restructurings are no stranger to colorful facts and unpredictable twists and turns. But few lead to criminal charges. Fewer still involve criminal charges against the chairman of the unsecured creditors’ committee, alleging that he abused his position to benefit himself financially.
New Look's unsecured creditors today approved a company voluntary arrangement that will amend 402 store leases to a turnover rent model, reflecting recent movements in the market towards more flexible lease obligations.
Despite opposition from many landlords, and considerable disquiet in the property industry, it is clear that tenants remain open to using the CVA process to restructure their leases, as a means to address the impact of the COVID-19 pandemic.