In brief

On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring. Under the Framework:

1. Introduction

As in other jurisdictions, Russia’s insolvency legislation is based on the pari passu principle. However, this principle is subject to certain exceptions, specifically with respect to shareholders and other non-arm’s length creditors, such as the controlling persons of an insolvent company (“Affiliated Creditors”).

In practice, Affiliated Creditors use other instruments (e.g. loans, intergroup supplies etc.) to have their claims listed in the creditors’ register of an insolvent company.

In brief

Against the backdrop of the COVID-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the "new normal."

Contents

Grand Court confirms that Section 48 of the Trusts Act (2021 Revision) provides a statutory gateway for the approval of former liquidators' fees as statutory trustee pursuant to Order 23, rule 5 of the CWR

In brief

On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring.  Under the Framework:

International Insolvency & Restructuring Report 2021/22 capital markets intelligence Insolvency cover 2021-22.indd 1 29/04/2021 11:12:07 International Insolvency & Restructuring Report 2021/22 The unprecedented financial volatility and operational uncertainty brought about by the COVID-19 pandemic has forced many companies to consider a range of restructuring options in a variety of jurisdictions, either on a proactive basis or as a reaction to creditor pressure.

In brief

On 14 May 2021, the Supreme People's Court of the PRC (SPC) and the Government of the Hong Kong Special Administrative Region (HKSAR)  signed a Record of Meeting setting out a framework to facilitate the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong ("Arrangement"). The Record of Meeting is supplemented by the SPC's Opinion and the HKSAR Government's Practical Guide, which together provide the "Framework". 

In brief

On 14 May 2021, the Supreme People's Court of the PRC (SPC) and the Government of the Hong Kong Special Administrative Region (HKSAR)  signed a Record of Meeting setting out a framework to facilitate the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong ("Arrangement"). The Record of Meeting is supplemented by the SPC's Opinion and the HKSAR Government's Practical Guide, which together provide the "Framework". 

In this session, the panellists took up the challenge of predicting the post COVID future for directors, and the immediate challenges they will face as a result of the winding back of protections and support provided in 2020.

COVID-19

Government Intervention Schemes

Current as of 21 May 2021

Government Intervention Schemes

COVID-19 Government Intervention Schemes 2

Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.