What a creditor needs to know about liquidating GUIDE an insolvent Cayman company
Last reviewed: December 2020
Contents
Introduct ion When is a company insolvent? What is a statutory demand?
Der Bundesgerichtshof (BGH) hat sich (Urteil v. 18.11.2020, IV ZR 2017/19) ausführlich zu der Frage geäußert, ob Ansprüche der GmbH gegen Geschäftsführer bestehen. Konkret ging es um den Ersatz von Zahlungen, die nach Eintritt der Insolvenzreife von einer D&O-Versicherung zu ersetzen sind.
Der Fall:
An application to admit witness evidence outside the directions timetable should be treated like an application for relief from sanctions under CPR 3.9 according to the High Court in Wolf Rock (Cornwall) Ltd v Langhelle.
Facts
This briefing note provides an overview of some of the commercial reasons for and the technical legal requirements of a company wishing to acquire its own shares (also referred to as “share buy-backs”).
On 3 December 2020, the UK Government (HM Treasury) issued a consultation paper (the Consultation) setting out a proposal to implement a new “special administration regime” (the SAR) which it is proposed would apply to any insolvency of an authorised payment institution (a PI) or electronic money institution (an EMI).
The Grand Court of the Cayman Islands (the "Court") recently handed down a decision in the case of BDO Cayman Ltd. and BDO Trinity Ltd. v Ardent Harmony Fund Inc. (In Official Liquidation). This case provides helpful guidance on the exercise of the Court's discretion to grant leave to commence proceedings against a company in liquidation.
Background
Disputes between directors often arise because of, and/or result in, disputes about company money. Directors need to be alert to how they are required to act, particularly in times of conflict. Section 172 of the Companies Act 2006 imposes a broad duty on directors to promote the success of the company however the term “success” is unhelpfully uncertain, especially where the company is in difficulty and/or where the company is wound up.
The UK government has published new draft regulations to require mandatory scrutiny of administration sales to connected parties (such as the insolvent company’s existing directors or shareholders).
In the UK, a "pre-pack" is an arrangement under which the sale of all or part of a company’s business or assets is agreed with a purchaser prior to the appointment of administrators. The sale is carried out by the administrators immediately on, or shortly after, their appointment. Administrators must be licensed insolvency practitioners.
一直以来，香港的公司清盘制度均欠缺法定企业拯救程序，因此，陷入财政困难的公司只能透 过以下途径拯救其业务：(i) 与主要债权人透过非法定途径就重组债务达成共识，或 (ii) 根据香 港法例第 622 章《公司条例》进行债务偿还安排计划。然而，上述两个途径均有很多问题，例 如费用高昂、不切实际、欠缺弹性和繁琐费时。
今年较早时候，香港政府宣布重启企业拯救条例草案，在香港推行（其中包括）法定的企业拯 救程序。《公司（企业拯救）条例草案》（「条例草案」）旨在与国际惯例及标准接轨。下文 将概述最新的立法建议。
发起临时监管
根据条例草案，已经或很大机会变为无力偿债的公司，可以发起企业拯救程序，委任一名独立 的第三方专业人士（必须为注册会计师或律师）为临时监管人。临时监管人会在暂止期（亦称 为临时监管期，建议为期 45 个办公日）内担任公司的代理人。在暂止期内，公司将以持续经 营形式继续经营下去，而临时监管人会订定拯救方案（称为「自愿偿债安排」），在临时监管 期结束后的债权人会议上审议。债权人将藉由决议案决定是否批准自愿偿债安排建议；如获批 准，自愿偿债安排将由临时监管人监管实施。
法定暂止期
The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-1