Re Hsin Chong Construction Co Ltd (No 4)[2021] 5 HKLRD 489, [2021] HKCFI 3451

Re Ho Suet Hung[2021] HKCFI 3836

A bankruptcy order was made against the Bankrupt on 16 October 2018. Upon the consent of the Official Receiver, being the provisional trustee, the Bankrupt opened a bank account at Standard Chartered Bank (“SCB Account”) to receive her monthly salary. The Trustees were subsequently appointed whereupon the OR ceased to be provisional trustee.

With the Commercial Rent (Coronavirus) Bill having received Royal Assent, Penningtons Manches Cooper’s real estate litigation team sets out below an overview of the restrictions now coming into force.

There are restrictions on the service of statutory demands and winding-up petitions where a debtor company is unable to pay sums claimed due to coronavirus, which are due to expire on 31 March 2022.

Re Samson Paper Holdings Ltd[2021] 5 HKLRD 286

The Company convened a meeting of unsecured creditors for considering and approving a proposed scheme (“Scheme”) of arrangement restructuring the Company’s unsecured debt. The statutory majority required by section 674 of the CO was obtained and the Company issued a petition seeking the court’s sanction of the Scheme.

The Court of Appeal has confirmed that the High Court was right to restrict the assistance an English court could give to a Russian trustee in bankruptcy at common law, refusing to allow immoveable property situated in England to be administered by the trustee as part of the foreign bankruptcy proceedings: Kireeva v Bedzhamov [2022] EWCA Civ 35.

MR DOLLAR BILL LTD V PERSONS UNKNOWN AND OTHERS [2021] EWHC 2718 (Ch)

The standalone moratorium has been a seldom used restructuring tool since its introduction under the Corporate Insolvency and Governance Act 2020.

How much precedential value does an 1885 opinion of the U.S. Supreme Court deserve on a bankruptcy discharge issue?

That’s a central question in the Petition for a Writ of Certiorari before the U.S. Supreme Court in Bartenwerfer v. Buckly, Case No. 21-908 (“Distributed for Conference of 4/29/2022”).

Facts of the Case [Fn. 1]

A Petition for certiorari is before the U.S. Supreme Court in Speech & Language Center, LLC, and Chryssoula Marinos-Arsenis v. Horizon Blue Cross Blue Shield of New Jersey

Petition’s Question

The Question presented in the Petition is this:

The right of a creditor who is owed a liquidated debt that is not subject to a bona fide and substantial dispute to have the debtor company wound up if that debt is not paid in accordance with its terms is fundamental to the proper functioning of any modern financial system.