第1 はじめに 

本シリーズの最後となる今回は、撤退の場合における 解散・清算・破産について説明したい。前回記載した通 り、買主が見つかれば、持分譲渡手続が最も迅速かつ簡 便であるが、買主が見つからない場合には、解散・清算 か破産を選択することになる。

中国法人の資産が負債よりも多く、すべての債務を支 払うことができる場合には解散・清算手続が可能であ る。他方で債務超過になっている場合には、破産手続に よることになる。バランスシート上の資産が負債より多 い場合であっても、実際には資産価値が毀損している場 合があるため、解散・清算が可能かどうか予めシミュレ ーションしておく必要がある。

第2 解散・清算について

１ 解散・清算の概要

The Grand Court has allowed the appointment of a Provisional Liquidator under section 104(3) of the Companies Act (2023 Revision) (the Act) for the purpose of facilitating a restructuring, rather than using the tailor-made Restructuring Officer provisions under section 91(B) of the Act.

Background

The New York State Legislature recently proposed a bill, entitled the Sovereign Debt Stability Act, [1] intended to facilitate sovereign debt restructuring.

The creditors in the bankruptcy case of insurtech Vesttoo have filed a request with the court to allow them to conduct legal discovery on China Construction Bank (CCB), the main bank named in the letter of credit (LOC) reinsurance collateral fraud.

En los últimos años, sociedades y fondos han sido capaces de aumentar la rentabilidad de sus inversiones al implantar políticas ESG. Esta herramienta les ha permitido, no sólo una correcta mitigación de los riesgos, sino también aprovechar nuevas oportunidades, generar valor y mejorar la reputación corporativa, al mismo tiempo que contribuían al desarrollo sostenible y con impacto en la sociedad.

“Subchapter V relieves small business debtors from the absolute priority rule.”[Fn. 1]

• This was the excuse for a contorted grammatical interpretation, against the debtor, of a Subchapter V statute by the Fifth Circuit Court of Appeals.

The Fourth Circuit Court of Appeals gives the same excuse for the same contorted grammatical interpretation — like this:

Creditors want to recover as much money as they can from their debtors as quickly and painlessly as possible. When those debtors take steps to delay, defeat and hinder a creditor’s recovery, creditors can rely on the Fraudulent Preference Act, RSBC 1996, c. 164 (“FPA”) and the Fraudulent Conveyance Act, RSBC 1996, c. 163 (“FCA”) to set aside transactions that have that intention and effect. Generally, the FCA allows “creditors and others” to void dispositions of property designed to delay, hinder or defraud their claims.

International Pte Ltd [2024] SGCA 10 is a landmark case by the Singapore Court of Appeal that sets the test for how Singapore courts should in future approach the question of directors duties when a company is facing financial difficulties. It makes clear that the financial state of the company is an important consideration which a director should bear in mind, as it is the indicia of a shift in the economic interests in the company from the shareholders to the creditors.

Key takeaways

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (the "Act") was signed into Irish law on 9 May 2024. The commencement date of the Act has yet to be confirmed. The drafting of the Act was initiated as part of the government's 2021 Action Plan which proposed to enhance the protections afforded to employees and ensure transparency in a collective redundancy situation where the company is insolvent.

Key employment law provisions of the Act