Domestic Procedures

Banned! Fraudsters!– Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.

In highly-anticipated twin rulings, the Hong Kong Court of Appeal has confirmed the approach which should be taken when a debtor opposes insolvency proceedings on the basis of a defence or claim which is subject to an arbitration clause (Re Simplicity & Vogue Retailing (HK) Co., Limited [2024] HKCA 299; Re

1. Voluntary Termination and Initiation of Liquidation Procedure

Under Turkish law, the termination of a corporation may be due to various reasons (e.g., merger, division, voluntary termination). In case of voluntary termination, a general assembly resolution for the termination is required. If and when a corporation decides on the termination voluntarily, the liquidation procedure must be initiated and exhausted.

Phoenix Tech Ltd had carried on business to defraud HMRC by participating in a kind of VAT fraud sometimes called “missing trader intra-community” fraud or “carousel” fraud. It had submitted a VAT return claiming the right to deduct VAT and a repayment in respect of various transactions in the sum of £4.5 million. HMRC denied the input tax claim in relation to the transactions and issued a misdeclaration penalty for £607,387. The company appealed to the First-tier Tribunal (Tax Chamber).

While securitisations offer numerous benefits, there are a number of important points for originators to consider to facilitate entering into a securitisation transaction and to avoid prolonged legal work further down the line. In this article, we briefly discuss essential points that originators should be aware of and discuss with prospective lenders or arrangers prior to structuring a securitisation.

У ситуації коли компанія або фізична особа потрапила у скрутне фінансове становище і більше нездатна обслуговувати свої борги або повністю розрахуватися з кредиторами, стосовно такої компанії або фізичної особи може бути відкрита процедура банкрутства. В цій процедурі кредитори та суд мають вирішити подальшу долю боржника та його майна, враховуючи велику кількість факторів і процедурних питань.

The original version of this article was first published in the Trilegal Quarterly Roundup

This article analyses the utility of set-off provisions in commercial contracts, especially in the context of insolvency, in light of a recent Supreme Court decision. It also provides key takeaways for ensuring the feasibility of set-off provisions and making them capable of withstanding judicial scrutiny.

The treatment and position of statutory creditors having a statutory charge in insolvency proceedings gained criticality at the first instance upon passing of the judgment by the Hon’ble Supreme Court in the matter of STATE TAX OFFICER (I) VERSUS RAINBOW PAPERS LTD. 2022 SCC ONLINE SC 1162 (Rainbow Papers Case). The issue before the Hon’ble Supreme Court was whether in terms of Section 48 of the Gujarat Value Added Tax Act, 2003, the State Government shall be treated as a “Secured creditor” of the company undergoing insolvency proceedings.

Blog Post: