Welcome to the first edition of the Herbert Smith Freehills Guide to Restructuring, Turnaround and Insolvency, Asia Pacific .
In Re Hin-Pro International Logistics Limited[1], the Hong Kong Court of First Instance held that it has jurisdiction to grant leave to amend a creditor's winding up petition to include debts accrued only after its presentation.
A recent judgment of the High Court will serve to remind minority, overseas creditors of any company having a substantial connection with England that their debtor’s liabilities could be compromised, restructured or reduced through a scheme of arrangement in England: Van Gansewinkel Groep BV [2015] EWHC 2151 (Ch).
In the unusual case of Albert Edward Rodrigues v Associacao Portuguesa de Socorrous Mutuos (in liquidation) (HCMP 1391/2014), the Hong Kong Court of First Instance ordered a permanent stay of a company’s creditors’ voluntary winding up which has technically been going for 25 years, and in so doing reminded us of the applicable principles and the fact sensitive nature of such applications.
Background
A SUMMARY OF MAJOR DEVELOPMENTS IN KEY AREAS GENERAL COUNSEL UPDATE 27 February 2014 LEGAL GUIDE EDITION 37
With inflationary pressures and battered supply chains plaguing business, the debate has resumed over how long struggling firms can put off restructuring
With governments winding down Covid-19 support, supply chains buckling under multiple disruptions, growth stalling and high inflation taking hold, it is unsurprising that businesses are feeling the pressure at 2022's halfway mark. The worsening climate recently prompted JPMorgan Chase chief executive Jamie Dimon to warn investors of an incoming economic "hurricane".
The government is planning to make significant changes to the UK’s pensions notifiable events regime. The changes are designed to ensure the Pensions Regulator is given advanced notice of material corporate transactions and financing arrangements which may impact a defined benefit (DB) pension scheme.
The Court of Appeal has struck out Quincecare duty and dishonest assistance claims brought by the liquidators of a company operating a Ponzi scheme against a correspondent bank that operated various accounts for the company.
When the Hong Kong Court recognises offshore soft-touch provisional liquidation, will there be an automatic stay of proceedings in Hong Kong?
Recently, in Re FDG Electric Vehicles Limited [2020] HKCFI 2931, the Companies Court answered “no”. In doing so, the Court revisited the wording of the standard-form recognition order.
Soft-touch provisional liquidations
The Australian Federal Government has announced the temporary amendments to insolvency and corporations laws will be extended until 31 December 2020 in light of the continuing challenges of COVID-19.
In brief