On May 11, 2021, the Supreme People’s Court issued the Opinion on Developing the Pilot for Recognition of and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region (the “Pilot Opinion”). The Pilot Opinion designated the people’s courts in Shanghai, Xiamen of Fujian Province, and Shenzhen of Guangdong Province to carry out the work for the pilot recognition of and assistance in bankruptcy proceedings in Hong Kong.
2021年4月28日，最高人民法院為堅決貫徹黨中央的決策部署，立足司法審判職能，採取切實有效措施推動破產案件依法公平高效審理，助力市場主體救治和出清，服務經濟高品質發展，構建市場化、法治化、國際化營商環境，公開發佈具有代表性的破產案例。這些案例體現了我國破產制度在以下四個方面的效能：（1）促進實現資源優化配置，注重維持企業持續經營能力；（2）充分保障債權人在重大財產處分中的決策權，提升債權人的程式參與度；（3）充分尊重債權人意見，保障債權人對管理人的推薦權和更換權；（4）適用重整計畫草案表決新機制，權益未受調整或影響的債權人不參與表決。以下僅摘要介紹案例1「重慶市華源天然氣有限責任公司破產重整案」的具體內容：
In In re Arcapita Bank B.S.C., 2021 WL 1603608 (Bankr. S.D.N.Y. Apr. 23, 2021), the U.S. Bankruptcy Court for the Southern District of New York addressed the interaction between purported setoff rights arising under investment agreements governed by Islamic law and the Bankruptcy Code's safe harbors protecting the exercise of non-debtors' rights under financial contracts.
Samson Paper Company Limited (In Creditors' Voluntary Liquidation) [2021] HKCFI 2151(date of decision: 20 July 2021)
China All Access (Holdings) Limited [2021] HKCFI 1842 (date of decision: 21 June 2021)
Introduction
Administrators deprived of their right of indemnity
On July 29, 2021, GBG USA, Inc., along with several affiliates, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 21-11369). The ultimate parent company of GBG USA, Inc.
This quarterly civil fraud update provides a summary of reported decisions handed down in the courts of England and Wales in the period April - June 2021.
CONTEMPT OF COURT
Given the current situation brought about by the coronavirus pandemic, the Malaysian economy has been badly affected with serious supply chain disruptions due to the nationwide lockdown. This has resulted in the tightening of companies’ cash flows and has given rise to an urgent need for companies to implement rescue mechanisms and restructure their businesses.
In another leap forward for cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has issued its very first letter of request to a Mainland Court requesting recognition and assistance of Hong Kong liquidators under the new arrangement for mutual recognition of and assistance to insolvency proceedings introduced on 14 May 2021 (New Arrangement, which we wrote about