Here are a couple long-standing and foundational policies for the entire bankruptcy system:

• Bankruptcy laws protect the honest but unfortunate debtor; and
• Discharge exceptions are to be strictly construed against the objecting creditor and liberally construed in favor of debtor.

So, for all my decades of practice under the Bankruptcy Code, this idea has held sway: an honest debtor is entitled to a bankruptcy discharge.

Introduction

In the recent case of Re Klimvest plc [2022] EWHC 596 (Ch), the English High Court (”Court”) ordered the winding up of a public company on a relatively uncommon ground - loss of substratum, i.e. – the abandonment of a company’s main object and purpose.

Background

Yesterday, the European Court of Justice (ECJ) published its long-awaited judgment in Heiploeg/FNV. The ECJ rules that a pre-pack under circumstances can fall within the exception as mentioned in Article 5 (1) Directive 2001/23.

Introduction to the pre-pack

As we previously reported, certain temporary bankruptcy code amendments that U.S.

コロナ禍において、債務残高が増加し、債務の過剰感を感じる企業も増える中、2021 年 6 月 に政府の「成長戦略実行計画」が閣議決定され、同計画で、事業再構築・事業再生の環境整 備のため、中小企業の実態を踏まえた事業再生のための私的整理等のガイドラインの策定を検 討することが示されました。これを受け、「中小企業の事業再生等に関する研究会」が発足し、 同研究会より、2022 年 3 月 4 日に「中小企業の事業再生等に関するガイドライン」（以下「本ガ イドライン」）が公表されました。その後、実務上留意すべきポイントをまとめた Q&A も公表され、 2022 年 4 月 15 日から本ガイドラインの適用が開始されています。

本ニュースレターでは、本ガイドラインが定める中小企業向けの新たな準則型私的整理手続 の概要について、再生型私的整理手続を中心にご説明します。

As Russia’s invasion of Ukraine continues, governments around the world are coordinating and responding with increasingly severe sanctions and export controls on Russian entities, institutions, and individuals. Insolvency practitioners first wonder whether sanctioned entities, or entities connected to sanctioned individuals, can enter into an insolvency procedure and, if so, how does the insolvency practitioner accept an appointment and get paid?

On April 28, 2022, HONX, Inc. of Houston, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90035). Hess Corp owns 100% of the debtor’s equity. The petition includes a written consent by the independent directors of Honx providing for entry into a funding agreement among the debtor and Hess Corp.

In the case of Caversham Finance Limited (in administration) [2022] EWHC 789, the court considered whether errors in a notice to creditors seeking consent to extend an administration made the extension invalid. This case is important as it shows the court’s approach to omission of prescribed information in notices to creditors.

简介

最近在Re Klimvest plc [2022] EWHC 596 (Ch) 一案中，英国高等法院（「法院」）基于一个比较罕见的理由颁令将一家上市公司清盘——失去公司基础（loss of substratum），即公司放弃其主要宗旨和目的。

背景

Klimvest Plc（「该公司」）于2019年1月出售其业务及资产，其后其唯一重大资产为约800万英镑的现金储备。出售资产后，该公司的最大股东Klimt Invest SA（「第一答辩人」）要求该公司动用出售所得款项作出新投资，而非将在清盘中分派予股东。

Eric Duneau先生（「呈请人」）要求根据英国《1986年无力偿债法》第122(1)(g) 条颁令该公司清盘，认为由于该公司已失去其目的或基础，将该公司清盘属公正公平。第一答辩人反对呈请，辩称（其中包括）该公司并无失去其目的或基础，因为该公司在出售资产前实质上已成为一间控股投资公司，公司的目的仍可透过该投资实现。

失去公司基础的测试

An increasing body of English case law has recognised cryptocurrencies as a form of property giving rise to the possibility of insolvency clawback claims involving cryptoassets.

Recent developments