Failures rates in franchising are typically much lower than non-franchised start-ups. However, the latest British Franchise Association/NatWest survey of the UK franchising sector cites franchisee underperformance as one of the three key concerns of franchisors, and franchise businesses are of course not immune from the economic headwinds and technological changes which are affecting various sectors.
Re Kaoru Takamatsu – [2019] HKCFI 802 (date of judgment 25 March 2019)
For the first time the Hong Kong Court has recognised a Japanese winding up proceeding and granted assistance to a bankruptcy trustee appointed by the Japanese Court.
Background
On 1 March 2018, the District Court of Tokyo, Twentieth Civil Division (“Tokyo Court”) ordered Japan Life Co, Ltd (“Japan Life”) to be wound up and appointed Mr Kaoru Takamatsu as trustee in bankruptcy.
有关Kaoru Takamatsu – [2019] HKCFI 802一案 (判决日期2019年3月25日)
香港法庭首次认可日本清盘程序，并向日本法庭委任的破产管理人提供援助。
背景介绍
于2018年3月1日，东京地区裁判法院民事诉讼第20支部向Japan Life Co, Ltd (以下简称“Japan Life”) 颁发清盘令，并委任Kaoru Takamatsu先生为破产管理人。
Takamatsu先生需要获取Japan Life在瑞穗银行及汇丰银行的香港分行所持有的银行账户记录。于是，Takamatsu先生寻求香港法庭的认可和援助，以获得该账户的记录，并处理Japan Life在香港的相关事务。
判定和原则
Under the 1992 ISDA Master Agreement, following an event of default, there is either an automatic termination or the non-defaulting party can serve a notice designating an Early Termination Date. There then has to be a determination by the non-defaulting party of the compensation that is owed by one party or the other. This is done by closing out the transactions, which involves determining gains or losses in replacing or providing the economic equivalent of the terminated transactions. Once that is done, a statement is served setting out the calculations.
Welcome to this month's edition of our commercial and tech update, covering a wide range of topics from Facebook's lacklustre approach in dealing with IP infringement to further confirmation on the Courts' approach to liquidated damages.
(Mis)Adventures in advertising
Welcome to the inaugural edition of 'Going concerns', in which we strive to bring you the latest updates on restructuring and insolvency law. For this issue, we focus on Singapore and provide:
On 24 March, HMRC published a summary of responses to the December consultation on Company Distributions, together with details of the Government's position on the issues raised. The December consultation was covered in my 3 February blog.
Today is the closing date for responses to a Government consultation on the tax treatment of company distributions. You can read the consultation document here.
The direction of travel, per the consultation, is clear. Anyone thinking of liquidating their company should consider these new rules carefully.
With the cyclical fluctuation in oil and gas commodity prices, the UKCS has had its fair share of E&P companies going insolvent. As the UKCS matures, the profile of companies that invest in the region is changing. Many smaller parties, potentially with less access to capital, are now building positions. The commercial exposure is that some companies will not be able to meet cash calls, creating headaches for their co-venturers.
New measures intended to be implemented by the FCA next year, will have a significant impact on companies with controlling shareholders who are premium listed and also on those companies considering joining the premium segment. They follow the regulator's assessment of the premium listing regime over the last couple of years, as it considered how to bolster minority shareholder protection without risking damage to London's attractiveness as a listing venue.