引言

继2024年1月29日香港高等法院向中国恒大集团公司发出清盘令后，2024年9月12日，中国恒大集团又向香港高等法院提呈针对其直接全资附属公司CEG Holdings (BVI) Limited的清盘呈请，并定于2025年2月17日举行清盘呈请聆讯。在香港公司清盘程序中，维护及变现公司资产，向公司债权人及其他持份者返还价值为重要关切。明确香港公司清盘令下公司在大陆境内财产的处置规则和程序，对于减少商业活动中的不确定性和风险，增强市场主体信心有重要意义。

一、香港高等法院作出清盘令的法律后果

根据《公司（清盘及杂项条文）条例》（简称《清盘条例》）第178条规定，若公司欠下债权人已到期应支付的款项相等于或超过1万美元债务的，任何一名或多名债权人、任何一名或多名分担人（指在公司清盘时有法律责任分担提供公司资产的人）或任何分担人的破产案受托人或遗产代理人可一起或分别提出清盘呈请，清盘令作出后有如下主要法律后果：

1. 诉讼搁置

根据《公司（清盘及杂项条文）条例》（简称《清盘条例》）第186条规定，当已有清盘令作出或已委托一名临时清盘人，除非获得法院许可，否则不得针对公司进行或展开任何诉讼或法律程序，而获法院许可者须在符合法院所施加的条款下进行或展开该等诉讼或法律程序，但涉及国家安全的案件除外。

The Pauline Action is a legal mechanism that allows creditors to apply to the Royal Court of Jersey to set aside transactions undertaken by a debtor to defraud or otherwise prejudice them.

Emirates NBD Bank PJSC v Almakhawi and Others [2024] JRC 256 is the most recent case from the Royal Court to affirm that the Pauline Action, which has its origins in Roman law, remains an effective debt recovery tool for creditors in Jersey.

Purpose of the Pauline Action

Key points

KEY TAKEAWAYS

Introducción

Este mes destacamos especialmente dos sentencias del Tribunal Supremo que aclaran dudas con respecto de dos situaciones que se dan en la práctica:

(i) el tratamiento del importe a recibir en una opción de venta firmada antes del concurso y ejecutada tras éste;

(ii) la calificación de un crédito subordinado garantizado con hipoteca.

• “While the pre-petition Debtor may have consented to waiver of the automatic stay in favor of [secured creditor], . . . other creditors did not”; and
• “The automatic stay is designed to protect both debtors and creditors alike.”

In re DJK Enterprises, LLC, Case No. 24-60126, Doc. 196, at 13 (Bankr., S.D. Ill., February 13, 2025).

In re DJK Enterprises

Introduction

A trustee-manager, in the context of a business trust, actively runs the trust's operations while safeguarding the interests of investors. In the course of acting as a trustee-manager, the entity may incur liabilities in relation to activities of the business trust. How are these liabilities treated in a restructuring and insolvency? And can a trustee-manager propose a scheme of arrangement for debts incurred in its capacity as trustee-manager?  

Overview

It has been just over 6 years since the Bill for the Prescription (Scotland) Act 2018 ("the 2018 Act") received royal assent. Sections 5 and 13 of the 2018 Act came into force, perhaps earlier than most anticipated, on 1 June 2022. Since then, depending on who you speak to, you are likely to hear differing opinions on whether enough has been done to re-balance the 'defender friendly' discoverability test developed though cases such as Morrison and Gordon's Trustees.

Consolidation of business by way of a merger is a widely accepted mechanism for corporate restructuring.

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