On 23 April 2020 the UK Government announced that they will be introducing a temporary ban on the use of statutory demands and winding up petitions where the inability to pay has arisen because of the COVID-19 pandemic.
Another Hong Kong court decision has questioned whether the judgment in the leading case of Lasmos Limited v. Southwest Pacific Bauxite (HK) Limited [2018] HKCFI 426, may have gone too far when it suggested that an arbitration clause in an agreement should generally take precedence over a creditor's right to present a winding-up petition.
Overview of mergers and acquisitions (M&A) market in Singapore
Singapore was one of the first countries outside of China to encounter the virus. Whilst deal activity was down on the prior year, M&A transactions were still happening with sectors such as e-commerce and renewable energy appearing attractive. The impact on M&A activity for the second quarter of 2020 isn't clear at present but restricted mobility will certainly impact transactions, with site visits being all but impossible.
Hogan Lovells Publications | 20 April 2020
An outlook: the rise of distressed infra M&A
The current economic downturn is expected to bring about a growing niche of investment opportunities in distressed infrastructure and energy assets and businesses.
The Australian Government has introduced new laws which are intended to avoid unnecessary corporate insolvencies in light of the challenges presented by the unfolding COVID-19 global pandemic. The new laws came into effect on 25 March 2020 and include:
In July 2017, we wrote about the case of Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (in liquidation) (receivers and managers appointed)[1], in which the Western Australian Supreme Court held that rights of set off enjoyed by an insolvent company’s contractual counterparties would not apply if the company had granted a security interest over the relevant contractual righ
New York Bankruptcy Judge Sean H. Lane determined that the Australian debtors in a Chapter 15 foreign recognition proceeding satisfied the U.S. property requirements of Section 109(a) of the Bankruptcy Code on the basis of attorney retainers and claims against insiders located in the U.S.
Hong Kong Court refuses to grant an antisuit injunction to stay a winding-up petition where an arbitration agreement existed
21 August 2020
The Hong Kong Court of First Instance has dismissed an application by a British Virgin Islands (BVI) company (C) for an interim anti-suit injunction against proceedings commenced by a Cayman Islands company (D) for the winding-up of the BVI company in the High Court of the BVI.
Hong Kong Court refuses to grant an antisuit injunction to stay a winding-up petition where an arbitration agreement existed
19 August 2020
The Hong Kong Court of First Instance has dismissed an application by a British Virgin Islands (BVI) company (C) for an interim anti-suit injunction against proceedings commenced by a Cayman Islands company (D) for the winding-up of the BVI company in the High Court of the BVI.
The Second Circuit ruled last week in Lehman Bros. Special Fin. Inc. v. Bank of Am. Nat'l Ass'n, No. 18-1079 (2d Cir. 2020) that a Lehman Brothers affiliate cannot claw back $1 billion in payments made pursuant to swap agreements that were terminated when Lehman Brothers Holdings Inc. (“LBHI”) and certain of its affiliates filed for bankruptcy in 2008. The panel concluded that the Bankruptcy Code provides a safe harbor for the liquidation of such swap agreements and also the distribution of proceeds from the collateral.