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    Restructuring and insolvency - Court decision on how restructuring plans can be used
    2021-05-14

    In what is likely to be the most significant change to the UK restructuring and insolvency market since the Enterprise Act 2002, the Court has paved the way for restructuring plans (RPs) under Part 26A to the Companies Act 2006 to be used to compromise the rights of landlords, financial creditors and other unsecured creditors provided the company shows that those creditors are “out of the money”.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong to Introduce Corporate Rescue Regime and Insolvency Trading Regime
    2020-12-14

    After abortive attempts in 2000-2001, 2008-2009, and 2014 to introduce a statutory corporate rescue procedure, the Hong Kong Government has recently announced in a paper submitted to the Legislative Council that it will present the Companies (Corporate Rescue) Bill (the “Bill”) to the Legislative Council in early 2021. Once enacted, the Bill will introduce a corporate rescue procedure and insolvent trading provisions in Hong Kong.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Gareth Thomas , Alexander Aitken , Peter Ng
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    The new Recast Spanish Insolvency Law
    2020-09-08

    Royal Legislative Decree 1/2020, of 5 May, which approves the Recast Spanish Insolvency Law (Texto Refundido de la Ley Concursal, or TRLC) entered into effect on 1 September. As a result, the former Insolvency Law 22/2003, of 9 July, has been derogated almost in its entirety.

    According to the TRLC’s Preamble, Spanish insolvency legislation has been amended given the need to reorder, clarify and harmonise the former Insolvency Law and the provisions that have since amended it.

    Filed under:
    Spain, Insolvency & Restructuring, Herbert Smith Freehills LLP
    Authors:
    Javier de Carvajal , Marta Rey
    Location:
    Spain
    Firm:
    Herbert Smith Freehills LLP
    Stuck in the middle? Singapore court warns parties in a chain from taking inconsistent positions in either direction, but blocks winding-up proceedings in favour of arbitration
    2020-06-10

    In BWG v BWF [2020] SGCA (“BWG”) the Singapore Court of Appeal considered the application of the “prima facie dispute” ground which a Singapore debtor (the Respondent) raised to resist winding up proceedings when there was a valid arbitration agreement. The Court of Appeal considered this in circumstances where the Appellant alleged that the debtor’s position in the winding up proceedings is allegedly an abuse of process which is inconsistent with the position the debtor has taken in other proceedings against X.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus
    Authors:
    Gitta Satryani , Tomas Furlong
    Location:
    Singapore
    Firm:
    Herbert Smith Freehills LLP
    COVID-19: PRESSURE POINTS: Right vs obligation to file for insolvency (Spain)
    2020-04-02

    In Spain individuals and entities have an obligation to file for insolvency if they are unable to regularly meet their obligations within two months of the position of insolvency coming to light. Breach of that obligation could lead to civil (and even criminal) liability.

    The legal obligation imposed by the Spanish Insolvency Law 22/2003, of 9 July (the “Spanish Insolvency Law”), has been modified by Royal Decree-law 8/2020 (the “RDL”), of 17 March, on extraordinary measures to tackle the economic and social impact of COVID-19.

    Filed under:
    Spain, Insolvency & Restructuring, Herbert Smith Freehills LLP, Coronavirus
    Authors:
    Marta Rey , Javier de Carvajal
    Location:
    Spain
    Firm:
    Herbert Smith Freehills LLP
    Liquidator’s firm ordered to pay costs of insolvent company’s unsuccessful litigation
    2019-11-21

    The High Court has ordered a liquidator’s firm to pay a proportion of the costs incurred by successful defendants following judgment in proceedings commenced by a claimant company in liquidation.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Natasha Johnson , Andrew Cooke
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong Court spits out ceviche: “objectionable” Peruvian fisheries business Chapter 11 trustee refused common law assistance
    2019-01-17

    In a highly international cross-border restructuring, the High Court of Hong Kong has refused to assist the New York-based Chapter 11 trustee of a Singaporean subsidiary of the Cayman-incorporated Peruvian business China Fishery Group (“CFG”).

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, HSBC
    Authors:
    Gareth Thomas , Paul Apáthy , Alexander Aitken , Philip Lis , May Tai , Dominic Geiser , Priya Aswani
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    High Court Confirms Potential Liability Of Creditors For Breaches Of Duty By Administrators
    2018-06-18

    The decision in Davey v Money & Anor [2018] EWHC 766 (Ch) serves as a useful reminder for secured creditors (such as banks) of the potentially broad-ranging scope of liabilities that they may be exposed to in the course of dealings with administrators.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Natasha Johnson
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Construction of Exclusions in Insurance Policies
    2017-11-24

    In Crowden and Crowden v QBE Insurance (Europe) Ltd[2017] EWHC 2597 (Comm) the Commercial Court found in favour of the Defendant insurer on the disputed construction of an "insolvency" exclusion in a professional indemnity insurance policy.  The case is a useful reminder of the approach which the English Courts take to the construction of exclusions in insurance contracts.  

    1. Background

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Litigation, Herbert Smith Freehills LLP, Security (finance), Liquidation, Investment funds, Liquidator (law), Financial Services Compensation Scheme, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong Court considers the scope of expert evidence
    2017-04-05

    In the first instance decision of Fo Shan Shi Shun De Qu Consonancy Investment Co Ltd v Yat Kit Jong [2017] HKEC 557, the Court took a dim view of a party's conduct in respect of expert directions. It held that the party's failure to properly define the scope of the issues to be covered by the expert was a violation of procedural rules and prejudicial to the opposing party, and as such ordered that the party be penalised on costs.

    Facts

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Professional Negligence, Herbert Smith Freehills LLP, Admissible evidence, Liquidator (law)
    Authors:
    Dominic Geiser , Priya Aswani
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP

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