Since the signing of a record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of Mainland China and Hong Kong in May 2021, there have been a number applications for letters of request to be issued by the Hong Kong Court to the Bankruptcy Court of the Shenzhen Intermediate People’s Court.
A foreign bankruptcy or insolvency decree has no effects on the debtor’s Swiss assets and on court proceedings against the debtor in Switzerland and a foreign bankruptcy administrator must not act on Swiss soil unless the foreign decree is formally recognized by a Swiss court. Such recognition may be initiated by the foreign bankruptcy administration, any creditor or the debtor itself. This three-step guide describes how a foreign bankruptcy decree can be recognized in Switzerland.
Yesterday, the European Court of Justice (ECJ) published its long-awaited judgment in Heiploeg/FNV. The ECJ rules that a pre-pack under circumstances can fall within the exception as mentioned in Article 5 (1) Directive 2001/23.
Introduction to the pre-pack
Energy prices have soared over the last few months. Although this evolution has impacted all economic operators, energy-intensive companies are particularly affected. The Belgian legislator has therefore introduced a set of protection measures, including amongst others a so-called “temporary moratorium”. This moratorium provides amongst others protection against bankruptcy and judicial dissolution as well as against attachments on movable assets for energy debts.
The updated guide provides an overview of the law and general requirements in connection with the establishment and maintenance of Hong Kong private companies and Hong Kong branches of foreign companies. Topics include incorporation of a company, post-incorporation matters and general requirements, registration procedures of a non-Hong Kong company, maintenance of a company, management, taxation and employment visas.
The recent decision of Mr Justice Harris in Nuoxi Capital Ltd v Peking University Founder Group Co Ltd [2021] HKCFI 3817 shows the tension between the Hong Kong’s courts willingness to recognise foreign insolvency proceedings and the contractual rights of creditors who sought to enforce exclusive jurisdiction clauses in favour of Hong Kong.
Op 6 december 2021 heeft de Rechtbank Overijssel de burgemeester van de gemeente Hardenberg aangesteld tot mede-curator in het faillissement van De Zorgstal. Dit is een interessante ontwikkeling omdat, voor zover de auteurs bekend, een burgemeester niet eerder is aangesteld tot mede-curator in een zorgfaillissement.
Pre-packs, known as an effective restructuring measure from other jurisdictions, are also permissible in Switzerland.
What is a pre-pack?
Sinds 1 januari 2021 zijn de Europese insolventieverordening en Brussel Ibis Verordening niet langer van toepassing op het Verenigd Koninkrijk. Bovendien voorziet de handels- en samenwerkingsovereenkomst tussen de EU en het VK niet in een specifiek erkennings- of tenuitvoerleggingsmechanisme met betrekking tot grensoverschrijdende insolventie- en herstructureringsprocedures na Brexit. De vraag rijst dus of en onder welke voorwaarden Belgische rechtbanken Engelse schemes of arrangement en restructuring plans zullen erkennen na Brexit.
Since 1 January 2021, the European Insolvency Regulation and the Brussels I Recast Regulation no longer apply to the United Kingdom. In addition, the EU-UK Trade and Cooperation Agreement does not provide any specific recognition or enforcement mechanism in relation to cross-border insolvency and restructuring proceedings following Brexit. The question thus arises if and under which conditions Belgian courts will continue to recognise UK schemes of arrangement and restructuring plans post Brexit.