On 17 December 2021, the High Court in Nuoxi Capital v Peking University Founder Group Company Limited [2021] HKCFI 3817 held that the claims under a Keepwell Deed, notwithstanding ongoing insolvency proceedings in the Mainland, should be determined in Hong Kong in accordance with its exclusive jurisdiction clause.

Supreme Court to Resolve Circuit Split on Constitutionality of U.S. Trustee Fee Hike

Article I, Section 8 of the United States Constitution gives Congress the power to “establish . . . uniform Laws on the subject of Bankruptcies throughout the United States.” While Congress has general authority to establish a bankruptcy system, bankruptcy laws must be “uniform.” But not every aspect of the bankruptcy system is the same across every judicial district.

The COVID-19 pandemic triggered severe economic shock, particularly in countries like Myanmar that rely heavily on labour-intensive industries. The recent change in the government has added further concerns to the political state of Myanmar. With this recent set of events, we have seen foreign investors and suppliers face difficulty in recovering debts in Myanmar. This Alert sets out actions that may be considered by creditors towards recovering debts from a Myanmar company.

Dispute Resolution

What is likely to be proposed?
What is the likely impact of these proposals?

Following the finance minister's speech proposing the Union Budget 2022, Parliament is likely to consider further amendments to the Insolvency and Bankruptcy Code 2016 (IBC) in 2022.

This week’s TGIF considers Thorn (liquidator), in the matter of South Townsville Developments Pty Ltd (in liq) [2022] FCA 143 in which a liquidator sought approval to enter agreements to pursue litigation and suppression orders to protect the disclosure of commercially sensitive details.

Key Takeaways

When existing interest holders attempt to retain ownership of a chapter 11 debtor after confirmation of a nonconsensual plan of reorganization, the Bankruptcy Code's plan confirmation requirements, including well-established rules regarding the classification and treatment of creditor claims and equity interests, can create formidable impediments to their reorganization strategy. In In re Platinum Corral, LLC, 2022 WL 127431 (Bankr. E.D.N.C. Jan. 13, 2022), the U.S.

In the 1500s, debtors in England would avoid paying their debts by transferring property to friends or family as a gift or for undervalue, move to a sanctuary such as church land, wait for their creditors to exhaust their efforts or come to a favourable settlement of the debt, and then return and take a re-transfer of the property. This was a fraud on the creditors.

To prevent this mischief, in 1571, Parliament enacted the Fraudulent Conveyances Act (13 Eliz I, c 5), known as the Statute of 13 Elizabeth, and in Australia, as the Elizabethan Statute. It provided:

From 1 April 2021, the Bankruptcy Regulations 1996 (Cth) (Former Regulations) were replaced by the Bankruptcy Regulations 2021 (Cth) (Bankruptcy Regulations). Whilst the various amendments introduced by the new Bankruptcy Regulations have been largely represented as minor and administrative in nature, there is one critical amendment concerning the method for service of bankruptcy notices.

What is a bankruptcy notice?

The Bankruptcy Protector