In the recent decision of Polyline Development Ltd v Ching Lin Chun and Others [2021] HKCFI 483, Mr Recorder Manzoni SC struck out the Plaintiff’s statement of claim and action on a number of grounds. At para. 9 of the judgment, the learned Recorder highlighted the length of the submissions and evidence put forward by the parties, before remarking that “it may be thought that if such voluminous material is necessary in order to persuade the court that the claim is obviously unsustainable, the application is somewhat ambitious”
Hot on the heels of a trio of decisions concerning offshore provisional liquidation, which opened a new and commendable era for Hong Kong’s cross-border insolvency regime (see https://dvc.hk/en/news/cases-detail/heralding-a-new-and-healthy-era-of-cross-border-insolvency-recognition-in-hong-kong-re-fdg-electric-vehicles-ltd-re-
On April 26, 2021, Royal Blue Realty Holdings, Inc., a New York-based real estate company, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-10802). The company reports $1 million to $10 million in assets and $10 million to $50 million in liabilities.
On April 25, 2021, Secure Home Holdings LLC and various affiliates, which provide home security services and smart home automation to residential and small business customers, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10745). The company reports $100 million to $500 million in both assets liabilities.
On April 24, 2021, New York-based beachwear retailer L&L Wings, Inc., which operates 26 stores in the Carolinas, Florida, Texas and California, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-10795).
On April 24, 2021, Augustus Intelligence Inc., a New York based AI systems developer, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10744). The company reports $10 million to $50 million in assets and $1 million to $10 million in liabilities.
Late on April 20, 2021, Texas-based WB Supply LLC, one of the largest privately held pipe and supply companies in the United States, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10729). The company reports $10 million to $50 million in both assets and liabilities.
Late on April 19, 2021, Wilmington, Del.-based non-profit Connections Community Support Programs, Inc. (“CCSP”), which provides psychiatric/behavioral health services, substance use disorder treatment, housing and veterans’ services, intellectual disabilities services and operation support services, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10723).
On April 12, 2021, Automotores Gildemeister SpA of Santiago, Chile filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-10685) along with several affiliates. The corporate minutes accompanying the petition indicate that the company contemplates a prepackaged chapter 11 filing.
Late on April 5, 2021, TECT Aerospace Group Holdings, Inc., along with certain affiliates that manufacture high precision components and assemblies for the aerospace industry, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10670).