The overwhelming majority of my practice has involved larger, complex Chapter 11 cases and out-of-court restructurings, and representing debtors, Chapter 11 trustees, committees or creditors.
When Subchapter V came to be in 2019 under the Small Business Reorganization Act, I honestly did not think that I would have the opportunity to participate in those types of cases due to the debt limitations imposed by statute.
Das Oberlandesgericht (OLG) Düsseldorf hat mit einem aktuellen Urteil (27.07.2023 – 12 U 59/22) seine eigene Rechtsprechung bestätigt, nach der die regulären Anforderungskriterien an die Überschuldungsprüfung bei Start-ups nicht uneingeschränkt Anwendung finden können.
Hintergrund – Kriterien der Überschuldungsprüfung
While gaining recognition of Canadian insolvency proceedings south of the border used to be wishful thinking for an insolvent Canadian entity having involvement in the cannabis industry, such proceedings are now seemingly becoming a potential option. The United States Bankruptcy Court Central District of California Los Angeles Division (the “Court”) recently dismissed the United States Trustee’s (the “Trustee”) second motion to dismiss in The Hacienda Company, LLC’s (“THC”) bankruptcy proceedings.
上市公司具有突出的“公众属性”，在收购、重组等交易中具有流程可控、程序规范、确定性高及支付工具丰富等特点。为进一步提高重组市场效率，中国证券监督管理委员会（以下简称“中国证监会”）于2023年9月15日就《上市公司向特定对象发行可转换公司债券购买资产规则（征求意见稿）》（以下简称“《定向可转债重组规则》”）公开征求意见，并于2023年11月14日正式颁布施行。结合该立法动向，本文拟简要分析上市公司支付现金、发行股票及向特定对象发行可转换公司债券（以下简称“定向可转债”）等支付工具在上市公司重大资产重组1中的不同作用和影响。
一、上市公司重大资产重组的一般流程
根据中国法律法规和市场案例，上市公司实施重大资产重组的一般流程如下：
We hear a lot these days about bankruptcy venue abuse via corporate-entity manipulation shortly before bankruptcy filing.
Here’s the latest opinion on that subject—which allows Debtor’s choice of venue to stand, based on a newly-created entity:
Are the courts of England and Wales establishing themselves as a flexible forum for cross-border enforceability? Here, we consider this question in light of two recent High Court decisions: Re Silverpail Dairy (Ireland) Unlimited Co. [2023] EWHC 895 (Ch) (Silverpail) and Invest Bank PSC v El-Husseini & Ors [2023] EWHC 2302 (Comm) (Invest Bank).
The Grand Court of the Cayman Islands has provided further guidance on the new restructuring officer (RO) regime under section 91B of the Companies Act (2023 Revision) (the Act), which came into force on 31 August 2022.
In Re Aubit International (Unreported, 4 October 2023), the Grand Court dismissed a petition to appoint restructuring officers and found that it did not have jurisdiction to grant the relief requested on the basis that there was no credible evidence of a rational restructuring proposal with reasonable prospects of success.
最高人民法院与香港律政司在2019年1月18日共同签署了《关于内地与香港特别行政区法院相互认可和执行民商事案件判决的安排》（“《新安排》”）。在香港方面，《新安排》需透过本地法律实施，根据香港政府2023年11月10日的宪报，《内地民商事判决（相互强制执行）条例》（第645章）以及《内地民商事判决（相互强制执行）规则》将于2024年1月29日生效。在内地方面，我们预期最高人民法院亦将近期颁布相关司法解释。依照双方共识，《新安排》会于2024年1月29日在两地同步实施。
《关于内地与香港特别行政区法院相互认可和执行当事人协议管辖的民商事案件判决的安排》（“《旧安排》”）将在《新安排》生效之日废止（第30条第1款）。但《新安排》生效前，当事人已签署《旧安排》所称“书面管辖协议”的，仍适用《旧安排》（第30条第2款）。
《新安排》的生效落地，将大大提高两地法院判决被互相认可和执行的便利性。据最高人民法院估计，新安排实施后内地与香港两地法院90%左右的民商事案件判决将有望得到相互认可和执行。
有鉴于此，我们希望分享《新安排》生效后的一些实务要点和操作流程概览，期待与业界交流探讨。
November, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Delhi HC: Claims settled under a resolution plan become non-arbitrable and a reference of those claims would amount to reopening of the resolution plan. ⁎ Delhi HC: Transfer of liabilities from a previous loan agreement makes the arbitration clauses in subsequent agreements, binding. * NCLAT: No bar on the initiation of CIRP, if default is committed prior to Section 10A Period and continues during the Section 10A Period.
On October 4, 2023, a 2 (two) judge bench of the Hon’ble Supreme Court of India (“Supreme Court”) in the case of Union Bank of India v. Rajat Infrastructure Pvt. Ltd and Sunview Assets Pvt Ltd. held that the powers of the Supreme Court under Article 142 of the Constitution of India, 1950 ("Constitution”), being inherent in nature, are complementary to those powers which are specifically conferred by statute.
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