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    Will the Chinese courts grant "back door recognition" to overseas insolvency practitioners?
    2015-01-27

    On 11 June 2014, the Supreme People's Court of the People's Republic of China ("PRC" or "China")  handed down its ruling in the case of Sino-environment Technology Group Limited  ("Sino-environment") v Thumb Env-Tech Group (Fujian) Co., Ltd ("Thumb").

    Filed under:
    China, Insolvency & Restructuring, Litigation, Hogan Lovells
    Authors:
    Andrew McGinty , Chris Dobby
    Location:
    China
    Firm:
    Hogan Lovells
    Insolvency and deposits: get your priorities right
    2014-01-17

    Landlords often ask for a rent deposit when they grant a new lease, or consent to an assignment, especially if the incoming tenant is of shaky covenant strength. This provides security against possible future default.

    If a tenant becomes insolvent then this is exactly the sort of situation where a landlord would want to make use of a deposit. Where it is in the “commingling” form (i.e. paid to the landlord so that it becomes a debt in favour of the tenant) then that is unproblematic: no restrictions are imposed by the moratorium which arises on the tenant’s insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Hogan Lovells, Landlord, Leasehold estate
    Authors:
    Mathew Ditchburn
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Munich I Regional Court declares Wirecard’s annual financial statements null and void - what happens now?
    2022-05-10

    Wirecard's insolvency administrator has won a first victory before the Munich I Regional Court. On 5 May, the court declared the annual financial statements for 2017 and 2018, which show balance sheet profits totalling around EUR 600 million, null and void. Dividends of around EUR 47 million were distributed to Wirecard's shareholders from these profits, which probably never existed. As a consequence of the nullity of the annual accounts, the resolutions on the utilisation of the balance sheet profits are also null and void.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Hogan Lovells
    Location:
    Germany
    Firm:
    Hogan Lovells
    Raising the bar: Virgin Active restructuring plans sanctioned in landmark decision
    2021-05-18

    On 12 May 2021, Mr Justice Snowden sanctioned Virgin Active’s three inter-conditional restructuring plans under Part 26A of the Companies Act 2006. The case has been followed with significant interest in the restructuring community because the restructuring plans included the most extensive cross-class cram down proposal since the introduction of the restructuring plan process last year (DeepOcean and Smile Telecoms are the only other restructuring plans to utilise the cram-down mechanism).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Coronavirus
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Does an arbitration agreement protect a debtor from the threat of liquidation?
    2020-07-14

    In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such legislation generally presumes that the debtor is insolvent if it has failed to comply with a statutory notice requiring the debtor to pay a certain debt within a given period of time (a statutory demand).

    Filed under:
    Global, Hong Kong, India, Singapore, United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Hogan Lovells
    Authors:
    James Kwan , Jonathan Leitch , Chris Dobby
    Location:
    Global, Hong Kong, India, Singapore, United Kingdom
    Firm:
    Hogan Lovells
    CVAs - retail’s flexible friendship continues
    2019-09-20

    On 19 September 2019, Norris J handed downjudgment in the challenge brought by six landlords against the Debenhams Retail Limited (Debenhams) company voluntary arrangement (CVA) which was approved by 94.71% of Debenham’s unsecured creditors on 9 May 2019.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Asset forfeiture, Insolvency Act 1986 (UK)
    Authors:
    Camilla Eliott Lockhart , Margaret Kemp
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Supreme Court Narrows Scope of Safe Harbor Exception for Securities Clawbacks
    2018-04-05

    On February 27, 2018, the U.S. Supreme Court resolved a circuit split under the Bankruptcy Code and determined that where funds passed through financial institutions acting as payment conduits, where the ultimate transfer sought to be avoided was not the type of transaction protected by the safe harbor provisions of the Bankruptcy Code, the safe harbor provisions of Bankruptcy Code Section 546(e), shielding transfers through financial institutions from avoidance actions by bankruptcy trustees, was inapplicable.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Hogan Lovells, SCOTUS
    Authors:
    Raphaella Ricciardi
    Location:
    USA
    Firm:
    Hogan Lovells
    The pragmatic approach to insolvency: Re Lehman Brothers Europe Ltd (in administration)
    2017-08-30

    In Re Lehman Brothers Europe Ltd (in administration) [2017] EWHC 2031 (Ch) a proposal by joint administrators to appoint a director to a company already in administration (LBEL), in order to distribute surplus funds to its sole member (Lehman Brothers Holdings plc (LBH)), as opposed to a creditor, was held to be legally permissible, as well as pragmatic and beneficial.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Insolvency Act 1986 (UK)
    Authors:
    John Tillman , Margaret Kemp , Joe Bannister
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    What constitutes 'financial assistance'?
    2016-03-18

    Section 44 of the Companies Act 71 of 2008 governs the instances when a company may provide financial assistance for the purchase of the company's securities. (It is important to note that section 44(1) carves out the application of the entire section 44 for financial assistance given in the ordinary course of business by a company whose primary business is lending money.)

    Filed under:
    South Africa, Company & Commercial, Insolvency & Restructuring, Litigation, Hogan Lovells, Shareholder, Security (finance)
    Location:
    South Africa
    Firm:
    Hogan Lovells
    Safeguard your privilege: lessons from 2014
    2015-01-21

    In 2014, the law of privilege was considered from various angles, with the year closing on a Court  of Final Appeal decision emphasising the primacy of legal professional privilege ("LPP") as an  absolute right guaranteed by the Basic Law of Hong Kong.

    While the cases outlined below generally provide comfort that the law of privilege in Hong Kong  holds strong, we offer a few practical points to help safeguard the privilege of legal advice:

    Filed under:
    Hong Kong, Capital Markets, Insolvency & Restructuring, Litigation, Hogan Lovells, Legal professional privilege
    Authors:
    Chris Dobby , Timothy Hill , Allan Leung , Mark Lin , Patrick Sherrington , Damon So
    Location:
    Hong Kong
    Firm:
    Hogan Lovells

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