Pursuant to paragraph 11 of the order of Mr Justice Foxton dated 20 May 2020 (the ‘Order’), the Viscount of the Royal Court of Jersey (the Fifth and Tenth Respondent) has, on the request of Harbour Fund II LP (the Seventh Respondent), instructed Addleshaw Goddard to post a copy of Schedule 4 to the Order on its website.

Schedule 4 of the Order reads as follows:

CLAIM NO: CL-2017-000323

受疫情影响，英国越来越多的企业出现运营困难。虽然英国政府出台了多种补救措施，但仍会有很多企业将不可避免地面临破产。对因各种原因可能受到英国公司破产影响的中国公司或个人，本文将从英国破产法角度简要介绍英国公司破产程序、这些程序对于公司和普通债权人的保护，以及担任破产公司董事需要关注的问题。

一. 公司什么时候算破产？

英国的破产法规定主要来源于《1986年破产法》（Insolvency Act 1986）和《1986年破产规则》（Insolvency Rules 1986）。虽然《1986年破产法》没有给破产以明确的定义，但采用了"无力偿还债务"的概念。因此，在英国公司破产一般包含两种情况：一是公司没办法支付债务（现金流量破产 – Cash-flow insolvency），二是公司负债大于资产（资产负债表破产- Balance-sheet insolvency）。

现金流量破产一般表现为公司没办法支付其现有的债务。值得注意的是，即使公司可以支付现有债务，但如果没办法支付其在不远的未来产生的债务也将被视为破产。

In his judgment handed down on 7 May 2020 in the case of Gregory v ARG (Mansfield) Ltd [2020] EWHC 1133 (Ch), HH Judge Davis-White QC, sitting as a Judge of the High Court, commented (on an obiter basis) that where a company regulated by the Financial Conduct Authority (the “FCA”) seeks to enter administration, section 362A of the Financial Services and Markets Act 2000 (“FSMA 2000”) and paragraph 29 of Schedule B1 of the Insolvency Act 1986 (the “Insolvency Act”), require that writ

As we know, the Federal Government has implemented a package of changes to Australian insolvency and bankruptcy laws to provide relief from the economic impacts of COVID-19.

Notwithstanding the phased return to some level of normality, some businesses will continue to be significantly affected, particularly those in the hospitality sector where longer term challenges may be encountered due to social distancing requirements, consumer unease and the likely absence of international travel for many months, or perhaps even longer.

Overview

This article was first published in International Corporate Rescue by Chase Cambria Volume 17, issue 3.

In a bid to assist struggling companies amid the uncertainty brought on by the pandemic, Hungary issued Government Decree No. 249/2020, which amends the Bankruptcy Code and gives companies breathing space while they explore options for rescue.

The changes created by the decree, which came into force on 29 May 2020, will be in effect only during the state of the emergency and include the following:

As the novel coronavirus (COVID-19) pandemic continues to devastate economies worldwide, we’re seeing a wave of Chapter 11 bankruptcy filings. These filings, which provide protection to companies as they reorganize their businesses so creditors may be paid over a period of time, have surged 26% in April (up from the 444 filings in April 2019).

The economic impact has been far-reaching. Notable examples include:

The rapidly changing impact of COVID-19 on companies and the wider economy presents directors with the unenviable task of balancing the immediate need to secure the survival of their company against the longer-term implications for their stakeholders. In March, the UK Government announced that wrongful trading measures would be temporarily suspended to ease this pressure. The suspension measures are included in the Corporate Insolvency and Governance Bill, which introduces both temporary measures, such as this, and permanent and significant changes to UK insolvency law.

Preparation of financial statements and corporate income tax, recommencement of time periods, remote trials, gradual return to workplaces, insolvency proceedings and compliance with criminal law