Overview
The central question in the case of Re Opti-Medix Ltd (in liquidation) and another matter [2016] SGHC 108 (Opti-Medix) was whether insolvency proceedings in a jurisdiction other than the place of incorporation could be recognised by the Singapore court.
Ex parte applications were made for (a) the recognition of foreign insolvency proceedings and (b) the appointment of a foreign bankruptcy trustee, in respect of two companies (the Companies).
Background facts
A lot is written about structuring robust intellectual property licensing programs, whether from the perspective of licensors or licensees of intellectual property rights. This requires a careful consideration of legal, tax and regulatory issues that impact on the licensing arrangement.
The legal risks can’t always be managed adequately through the careful negotiation and drafting of a licence agreement. Some of these risks need to be managed independently of the drafting of any agreements.
On March 22, 2018, Sungdong Shipbuilding & Marine Engineering (“Sungdong”), a mid-sized shipyard in South Korea, filed a petition to commence a “rehabilitation proceeding” with the Changwon District Court. A rehabilitation proceeding is a court-administered reorganization proceeding comparable to a Chapter 11 proceeding in the United States. In a rehabilitation proceeding, the debtor continues to do business while restructuring its pre-existing debt.
News of the bankruptcy of one of the world’s largest ocean carriers, Hanjin Shipping Co., Ltd. (Hanjin), continues to have a ripple effect globally, creating legal entanglements and disrupting company supply chains. Some ports, terminals, stevedores, truckers and rail carriers have refused to service Hanjin vessels and containers for fear of not getting paid.
Since the inauguration of electronic litigation or e-litigation (hereinafter “e-litigation”) services for patent cases in April 2010, the Korean Supreme Court has gradually expanded the scope of availability of e-litigation services to civil, family law and administrative cases, and provisional attachment and injunction cases. With the completion of the e-litigation system for rehabilitation and bankruptcy cases, those proceedings and their ancillary proceedings can be administered electronically from April 28, 2014, as described below.
We have all heard that the world is, once again, flat, given the importance of global trade and the interconnectivity of the supply chain. With Hanjin Shipping Co. Ltd. ("Hanjin"), South Korea's largest shipping company and the world's seventh largest container operator in terms of capacity, filing for receivership in connection with its bankruptcy proceeding in South Korea this week, new complications are appearing throughout the global supply chain.
La Disposición Final Tercera de la Ley de Secretos Empresariales, en vigor desde el pasado 13 de marzo, habilitaba al Gobierno a aprobar un texto refundido de la Ley Concursal en el plazo de ocho meses. De acuerdo con dicha habilitación, los Ministerios de Justicia y Economía y Empresa presentaron el 22 de marzo un proyecto de Texto Refundido de la Ley Concursal.
En su Sentencia de 1 de marzo de 2019 [RJ 2019/622] el Tribunal Supremo ha venido a interpretar la excepción a la subordinación de los créditos de las personas especialmente relacionadas con el concursado que se contiene en el artículo 92.5º de la Ley Concursal (LC).
Se comenta y se refuta una reciente sentencia del Tribunal Supremo que exige que estos créditos por intereses estén en el concurso especialmente comunicados, y que de otra forma no podrían ser pagados con el producto de ejecución.
1. Los hechos
Se examina, en concreto, el supuesto de que se acuerde el régimen de suspensión de facultades y la administración concursal decide no hacer operativa en la primera instancia la sustitución prevista en la ley.
1. Los hechos analizados por la STS 570/2018, de 15 de octubre (RJ 2018/4613) y el problema planteado
Los hechos relevantes son los siguientes: