In this type of market environment, one or more of the following scenarios may apply:
On 30 January 2020, the World Health Organization declared that the coronavirus outbreak constituted a public health emergency of international concern. The PRC and Hong Kong have been at the forefront of the coronavirus outbreak.
Recent Developments
The Law on the Amendment to the Income Tax Law and Certain Laws (the "Omnibus Bill") entered into force upon its publication on the Official Gazette No. 30836 dated July 19, 2019. The Omnibus Bill includes provisions for financial restructuring and tax related matters.
What’s New?
Financial Restructuring
Recent Development
The Banking Regulation and Supervision Agency added a provisional article on consumer loan restructuring to the Regulation on Banks' Loan Transactions and the Regulation on Establishment and Activities of Financial Leasing, Factoring and Financing Companies. Pursuant to the provisional article, consumer loans whose principal and/or interest payments became overdue before February 10, 2019 can be restructured to a maximum of sixty months at the borrower's request.
In a recent decision Industrial Alliance Insurance and Financial Services Inc. v Wedgemount Power Limited Partnership 2018 BCSC 970, the British Columbia Superior Court confirmed that:
In brief
On 6 May 2022, the Honorable Madam Justice Linda Chan granted a petition for the winding-up (in Hong Kong) of Up Energy Development Group Limited, which was incorporated in Bermuda.