2023 was a year where we saw buyers and sellers of commercial real estate assets not necessarily always aligned on pricing against a backdrop of lending headwinds. As the year drew to a close, visible signs of distress were reported to be emerging in certain corners of the real estate sector which may well bring fruitful opportunities in 2024 for property investors looking to acquire new assets via distressed or enforced sales. But what is a "distressed" property sale and what are the key considerations for buyers looking to acquire these types of assets?
The recent news on the BBC about the rise in insolvencies makes for tough reading. But those who are in business already know how difficult it is out there as they try to weather the trading conditions. Inflationary pressures are increasing the costs of providing goods and services to customers, eroding profitability.
On Wednesday, 13 September, the Economy and Fair Work Committee (the "Committee") of the Scottish Parliament heard evidence regarding the general principles of the Bankruptcy and Diligence (Scotland) Bill (the "Bill"). At this stage, the Committee is responsible for examining the Bill and making a recommendation about whether Parliament should support the main purpose of the Bill.
This series looks at the enforcement options available to creditors to recover sums due by a debtor in Scotland. In previous editions we looked at the remedies of Inhibition and Earnings Arrestment.
As recognized by Recorder Abraham Chan SC in the very first line of his Reasons for Decision inChina Evergrande Group v Triumph Roc International Ltd [2023] HKCFI 2432, it is no secret that the Plaintiff, China Evergrande Group, is in financial difficulties and further, in June 2022, winding up proceedings have been commenced.
When seeking to recover arrears under a lease, it is often possible to act to recover funds without the need for a court order. If a lease has been registered for preservation and execution in the Books of Council and Session, a creditor can normally move to instruct Sheriff Officers to recover the funds. This procedure is known as summary diligence and can take several forms.
Where a bankruptcy order has been made and the Official Receiver/trustee in bankruptcy has been appointed, how should their fees and expenses be dealt with if the bankruptcy order is later set aside following the debtor’s successful appeal? Further, if the bankruptcy proceedings were commenced in breach of an exclusive jurisdiction clause should costs be awarded on an indemnity basis?
These questions were recently considered by the Court of Appeal in Re Guy Kwok-Hung Lam [2023] HKCA 1099. Three key points can be gleaned from the judgment:-
2023年5月，香港高等法院夏利士法官第一次在诺熙资本有限公司诉北大方正集团有限公司 案 [2023] HKCFI 1350（下称“北大方正案”） 中讨论了维好协议的可执行性，此后，在2023年6月15日，夏利士法官就花旗集团诉清华紫光集团有限公司 [2023] HKCFI 1572一案（下称“清华紫光案”）作出了判决，该案关于清华紫光集团有限公司（下称“清华紫光”）的间接子公司发行的4.5亿美元债券，是夏利士法官就
Under the Euroclear or Clearstream system, companies which issue so-called “global notes” do not have direct contractual relationship(s) with the ultimate beneficial investors in those notes. Rather, the company’s books will show only one registered global note, and only one registered holder of the global note holding the note on behalf of the investors.
In a challenging economic climate, we usually see an increase in leases ending prematurely, either by agreement or by landlords irritating (forfeiting) the lease when they are faced with an insolvent tenant or bad payers. Tenants in these circumstances will often leave behind goods and equipment. The temptation for landlords is just to throw the stuff away so they can re-let but there are restrictions on what a landlord can and can't do with abandoned goods in Scotland.
What should you do if a tenant leaves goods behind at the premises (tenant not insolvent)?