Key takeaways

Introduction

Independent schools have not been immune from financial stress in recent years. Prior to the pandemic a combination of increasing staff costs, greater competition and the need for continual investment in technology and premises was already posing challenges for a number of institutions. This was exacerbated by the unique pressures of COVID, which saw income squeezed as a result of enforced school closures and reduced pupil numbers.

Since the outbreak of Covid-19, the Thai economy has experienced a prolonged shutdown, leading to the need for bankruptcy and rehabilitation processes to address the financial challenges faced by businesses. However, there is a common misconception among the public that rehabilitation is synonymous with bankruptcy. This misunderstanding arises from the fact that rehabilitation provisions are enshrined in the same legislation as the Bankruptcy Act B.E.2483 (1940), leading to the belief that rehabilitation is equivalent to bankruptcy.

With commercial property companies’ debt burdens reaching pre-2008 levels and warnings being issued this month by the European Central Bank, in this article we outline some of the key issues to be considered and steps which may be taken by BVI real estate holding companies to protect their position in the face of rising financing costs and other inflationary pressures.

The overwhelming majority of my practice has involved larger, complex Chapter 11 cases and out-of-court restructurings, and representing debtors, Chapter 11 trustees, committees or creditors.

When Subchapter V came to be in 2019 under the Small Business Reorganization Act, I honestly did not think that I would have the opportunity to participate in those types of cases due to the debt limitations imposed by statute.

Das Oberlandesgericht (OLG) Düsseldorf hat mit einem aktuellen Urteil (27.07.2023 – 12 U 59/22) seine eigene Rechtsprechung bestätigt, nach der die regulären Anforderungskriterien an die Überschuldungsprüfung bei Start-ups nicht uneingeschränkt Anwendung finden können.

Hintergrund – Kriterien der Überschuldungsprüfung

While gaining recognition of Canadian insolvency proceedings south of the border used to be wishful thinking for an insolvent Canadian entity having involvement in the cannabis industry, such proceedings are now seemingly becoming a potential option. The United States Bankruptcy Court Central District of California Los Angeles Division (the “Court”) recently dismissed the United States Trustee’s (the “Trustee”) second motion to dismiss in The Hacienda Company, LLC’s (“THC”) bankruptcy proceedings.

上市公司具有突出的“公众属性”，在收购、重组等交易中具有流程可控、程序规范、确定性高及支付工具丰富等特点。为进一步提高重组市场效率，中国证券监督管理委员会（以下简称“中国证监会”）于2023年9月15日就《上市公司向特定对象发行可转换公司债券购买资产规则（征求意见稿）》（以下简称“《定向可转债重组规则》”）公开征求意见，并于2023年11月14日正式颁布施行。结合该立法动向，本文拟简要分析上市公司支付现金、发行股票及向特定对象发行可转换公司债券（以下简称“定向可转债”）等支付工具在上市公司重大资产重组1中的不同作用和影响。

一、上市公司重大资产重组的一般流程

根据中国法律法规和市场案例，上市公司实施重大资产重组的一般流程如下：

Introduction

We hear a lot these days about bankruptcy venue abuse via corporate-entity manipulation shortly before bankruptcy filing.

Here’s the latest opinion on that subject—which allows Debtor’s choice of venue to stand, based on a newly-created entity: