The coronavirus pandemic posed a significant challenge to the financial health of businesses across the UK. A sector additionally at the mercy of the markets following the easing of lockdown restrictions is the energy industry, with the wholesale price of natural gas (measured on a pence per therm basis) having risen dramatically from around 50p/therm in January 2021 to over 200p/therm during the first few weeks of October 2021.
The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill (the Bill) is, at the time of writing, at second reading stage in the House of Lords and progressing quickly towards becoming law later this year.
The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill (the Bill) has received its first and second readings in the House of Commons and is expected to come into law later this year. But what is this Bill and what does it mean for charities?
The Bill introduces important changes to the insolvency and director disqualification regime in England and Wales and will have implications for incorporated charities including charitable companies and charitable incorporated organisations (CIOs), as well as any trading subsidiaries that your charity may have.
The Insolvency Service has today (9 September 2021) announced a phased end (commencing on 1 October 2021) to the temporary insolvency measures which remain as a result of the Corporate Insolvency and Governance Act 2020 (CIGA) and the various extensions to the relevant period (announcement).
The headline measures are as follows:
Grand Peace Group Holdings Limited [2021] HKCFI 2361 (Date of Decision: 24 August 2021)
Up Energy Development Group Limited [2021] HKCFI 2595 (Date of Decision: 31 August 2021)
Introduction
The vast majority of listed companies in Hong Kong are incorporated offshore, with a corporate structure that the operating and asset owning subsidiaries in Mainland China are held through intermediate subsidiaries incorporated in offshore jurisdictions such as BVI and Cayman Islands etc.
The High Court has, for the first time since the introduction of the legislation in June 2020, refused to sanction a cross-class cram-down restructuring plan under Part 26A of the Companies Act. In In the matter of Hurricane Energy Plc [2021] EWHC 1759 (Ch), the court rejected a plan supported by bondholders because it had not been shown that the opposing shareholders had no better alternative prospects (i.e., the ‘no worse off condition’ had not been met).
Samson Paper Company Limited (In Creditors' Voluntary Liquidation) [2021] HKCFI 2151(date of decision: 20 July 2021)
China All Access (Holdings) Limited [2021] HKCFI 1842 (date of decision: 21 June 2021)
Introduction
Introduction1
In order to obtain a bankruptcy order upon either a creditors', or a bankrupt's own, bankruptcy application, it must be shown that a debtor:
In this edition of the Going concerns, our Stephenson Harwood restructuring and insolvency team provides a brief update on the newest developments in Singapore, UK and Hong Kong. For Singapore, we update on the "conflict" between the admiralty and insolvency regimes while our London team provides an update on the cutting-edge Part 26A restructuring plans. Last but certainly not least, our Hong Kong team dissects and discusses the significance and impact of the new cooperation mechanism for Hong Kong liquidators and Mainland administrators to seek mutual recognition and assistance.