Introduction
On 12 November 2020, the Official Receiver's Office ("ORO") issued Circular No. 2 / 2020 setting out the revised arrangement on submission of Form D1 and Form D2 by provisional liquidators or liquidators to the Official Receiver ("Circular"). Provisional liquidators / liquidators ("Liquidators") are required to submit a statutory Form D1 to the ORO when they become aware of any unfit conduct of a director. The Circular takes effect from 1 December 2020.
Hong Kong's insolvency system is famous for its lack of statutory corporate rescue procedure ("CRP"). Owing to the lack of CRP, financially distressed companies may only recourse to rescue their business with (i) a non-statutory consensual agreement with major creditors to restructure debts, or (ii) a scheme of arrangement under the Companies Ordinance (Cap. 622). These options, however, have many problems such as being expensive, impracticable, inflexible and tedious.
La prolongada duración de los efectos de la pandemia COVID-19 sobre el tejido económico empresarial ha impulsado al Gobierno a extender en el tiempo algunas de las medidas en el ámbito de la Administración de Justicia que se habían adoptado en el marco del Real Decreto-Ley 16/2020, de 28 de abril, posteriormente confirmadas en la Ley 3/2020, de 18 de septiembre.
1 November 2020 ONC Corporate Disputes and Insolvency Quarterly Dear Clients and Friends, This special newsletter aims to regularly update practitioners on important and noteworthy cases in the areas of corporate disputes and insolvency in Hong Kong, the UK and other common law jurisdictions. We would also seek to give alert on important legislative and regulatory initiatives from Hong Kong.
La Ley Concursal española prevé distintos tipos de marcos legales de reestructuración o insolvencia. El primero de ellos es el concurso de acreedores, que es un procedimiento sometido a una supervisión
The Spanish Insolvency Law sets out various types of restructuring or insolvency legal frameworks. The first is the “concurso de acreedores” or insolvency proceeding, which is a proceeding that is
The Spanish Insolvency Law sets out various types of restructuring or insolvency legal frameworks. The first is the “concurso de acreedores” or insolvency proceeding, which is a proceeding that is
Los efectos de la pandemia se están materializando en un incremento significativo de la deuda de consumidores y empresas. En este contexto, nuestra previsión es que, en los próximos años, las transacciones sobre deuda y activos tóxicos alcanzarán niveles muy elevados. Desde Garrigues, analizamos en este documento la situación y tendencias del mercado de deuda en Latinoamérica, España y Portugal, donde se percibe una clara tendencia a la sofisticación de este tipo de operaciones.
Pandemia COVID-19
In the wave of the COVID-19 pandemic, there has been a significant increase in debt held by both consumers and companies. Over the coming years, we expect to see a large number of debt and distressed asset deals. In this viewpoint, Garrigues provides in this documentan analysis of the debt market situation and trends in Latin America, Spain and Portugal, where there is a clear move toward greater sophistication in these deals.
COVID-19 pandemic
In the previous four articles in this series (see here) we looked at the key role of professional investors at startups, though also at the setbacks of the exclusive dependence of these types of companies on equity and the advantages debt would have for them. The environment, as we saw, is also a favorable one for borrowing. We described the difficulty to provide general recipes for getting debt and a few not very promising routes.