Shenzhen Everich Supply Chain Co, Ltd (in Liquidation in the Mainland of the People's Republic of China) [2020] HKCFI 965 (date of judgment: 4 June 2020)
For the second time the Hong Kong Court has recognised a PRC winding-up proceeding and granted assistance to the administrator of a PRC company appointed by a PRC Court. The Hong Kong Court also granted the administrator an express right to take control of the company's subsidiaries in Hong Kong.
Background
On March 31, 2020, the Supreme People’s Court released the Cases on National Courts Protecting the Resumption of Work during the Epidemic Period (Second Batch) in showing how the courts took judicial action in cases involving corporate reorganization and bankruptcy, using measures such as extending the reorganization plan implementation deadline, the use of trusts to maintain business operations and others so as to help them through those difficult times, protect the rights of the bankrupt entity and its creditors, and provide support to medical supplies for the epidemic period, thereby ach
最高人民法院於2020年3月31日發佈全國法院服務保障疫情防控期間復工複產民商事典型案例(第二批)，其中體現了法院在疫情防控期間，進行司法作為，就企業的破產重組、破產清算等案件，通過延長重整計畫執行期、在重整進程中運用託管的方式維持企業的持續運營等方式，體現了法院充分發揮司法職能，積極挽救困境企業，保障破產企業及其債權人的合法利益；為疫情期間醫療防護物資的供給提供了支援，實現了債權人、債務人和社會防控的多方共贏，本文將選取其中兩個典型案例作簡要介紹。
1. Which financial (not tax or labour) short-term compensation schemes for immediate losses due to social distancing measures have been implemented? For which industries/sizes of business?
Deferred Loan Repayment
In another groundbreaking decision, the Hong Kong court in Re Ando Credit Ltd [2020] HKCFI 2775, has appointed provisional liquidators over a Hong Kong-incorporated investment manager for the express purpose of allowing the liquidators to seek recognition in the Mainland. The judgment is the latest in a series of judgments facilitating cross-border recognition and enforcement of assets and takes the degree of potential cooperation envisaged to a new level.
Application unopposed
Recent missed payments by companies including by one of China's largest coal companies, Yongcheng Coal and Electricity Holding Group, based in Henan, have shaken investors' faith that state-owned enterprises (SOEs) enjoy implicit backing from the authorities, irrespective of their underlying performance. As corporates issue new bonds to pay off old debts as they fall due, thereby 'kicking the can down the road' it is feared that more defaults could follow. Yields on some bonds are reported to have risen to 34 percent, an indicator of the perceived increased risk.
On 9 November 2020, the PRC Supreme People's Court ("SPC") promulgated the Interpretations Applicable to Security-related Parts of the Civil Code of the People's Republic of China (Draft for Comment) (the "Draft") for public comments by 27 November 2020. This is the first interpretations issued by the SPC to the public for comments after the PRC Civil Code was officially promulgated.
引言：近期某集团破产清算案中，关于债务人与境外基金债权人之间因“维好协议”引发的纠纷事项，上海金融法院作出裁定，对境外债权人在香港特别行政区取得的对该债务人的胜诉判决予以认可，鉴此该境外债权人的债权有望在破产程序中获得确认。而其他破产案件中，管理人对境外投资人基于“维好协议”的债权作出不予确认的决定。由此，关于“维好协议”项下的债权人应如何主张权利、在“维好提供方”破产的情况下可否享有破产债权人地位并参与破产程序等问题众说纷纭。为此，本文将从“维好协议”的性质入手，在境内“维好提供方”破产语境下，阐述“维好协议”项下债权人可以主张权利的路径，并分析各救济途径在司法实践中的可行性。
一、“维好协议”的性质分析
（一）何谓“维好协议”
I.OVERVIEW
(a)What are SPACs?
INTRODUCTION