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    Parting of way between shareholders - Is fighting an unfair prejudice petition to the end the only option?
    2022-03-24

    Chan Seung Bun v Wong King Fai Joe and Another[2021] HKCFI 3572

    The Company was co-founded by the petitioner Mr. Chan Seung Bun (the “Petitioner”) and the late 1st Respondent (“R1”), now represented by the joint executrices of the estate (the “Executrices”) in 2013. It was not in dispute that the Company was a quasi-partnership established based on mutual trust and confidence between the Petitioner and R1. The Company had been profitable since its establishment.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    中国の取引先に破産・清算のリスクがある時の対応 ~企業破産リスクを踏まえた債権回収のポイント~
    2022-03-24

    一、はじめに

    新型コロナウイルス感染症の長期間にわたる流行や経 済構造の転換・調整の影響を受けて、中国の経済にも停 滞感が見え始め、経済成長のスピードが鈍化しています。 日本企業や日系企業(以下「日系企業等」といいます。) が中国で取引を行う中で、取引相手による支払遅延、不 良債権の増加等の発生リスクに注意すべき局面も出てき ています。

    取引相手に一時的な資金繰りの問題が発生しただけで あれば、債権者はまだ債権の回収を期待できます。しか し、もし取引相手の経営状況が引き続き悪化し、破産や 清算のリスクが存在するといった状況に直面した場合、 債権者は、債権をできる限り回収するにはどうすればよ いかを考える必要があり、更には、もし取引相手が破産 手続に入ったときには同手続の中で、自らの利益を最大 限守るための方法を、事前に考える必要があります。

    今月のニュースレターでは、破産・清算のリスクがあ る取引相手を目の前にして、債権者が債権回収の可能性 をどのように高めるかという問題について、企業破産法 の規定にも触れつつ、検討を行います。

    二、破産・清算リスクがある債務者による債務弁済行為 が取り消される可能性

    Filed under:
    China, Insolvency & Restructuring, Litigation, Oh-Ebashi LPC & Partners
    Authors:
    Masafumi Takeda
    Location:
    China
    Firm:
    Oh-Ebashi LPC & Partners
    Court of Appeal: the court, assisted by the OR, exercises supervisory jurisdiction over the entire bankruptcy process, including refusing to approve an appointment of trustee
    2022-03-24

    Re Chan John Loong Fai[2021] HKCA 1834

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The mere assertion that something may be revealed by the liquidator’s investigation; and the pressure and leverage of the prospect of winding up are not sufficient to satisfy the 2nd core requirement
    2022-03-24

    Excellent Asia (BVI) Ltd v Mas Media Group Ltd[2021] HKCFI 3605

    In March 2020, the Petitioner presented a petition to wind up the Respondent company, which is incorporated in the Cayman Islands, on the ground of insolvency.

    Failing to state in the Petition how the three core requirements are satisfied, the Petitioner subsequently took out a summons seeking to introduce a re-amendment to assert matters that are capable of satisfying the three core requirements.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Hong Kong Court refused to stay proceedings commenced by creditors in Hong Kong despite recognition of Mainland insolvency proceedings
    2022-03-24

    Nuoxi Capital Ltd (In Liquidation in the British Virgin Islands) v Peking UniversityFounder Group Co Ltd[2021] HKCFI 3817

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Bankruptcy Order annulled for the Petitioner’s failure to satisfy the “business gateway” requirement
    2022-03-24

    Re Wang Huimin[2021] HKCFI 3472

    The Bankrupt, Madam Wang, is a Chinese citizen and holds a PRC resident identity card. She has been residing in Shanghai since she was born. The Petitioner is Madam Wang’s younger brother.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Bankruptcy
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    New Chapter 11 Filing - Footprint Power
    2022-03-24

    On March 23, 2022, Massachusetts-based Footprint Power Salem Harbor Development LP and certain affiliates, which operate a 674 MW natural gas-fired combined-cycle electric power plant in Salem, Massachusetts, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10239).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    What is a creditor’s entitlement to vote at a creditors’ meeting where the company has a cross-claim against the creditor?
    2022-03-24

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

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Trustees held to have no right to compel the Bankrupt to pay any part of his/her income earned during the bankruptcy to the estate absent an income payments order
    2022-03-24

    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.

    Filed under:
    Hong Kong, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    New Commercial (Rent) Act, new restrictions
    2022-03-24

    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.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Penningtons Manches Cooper LLP, Coronavirus
    Authors:
    Amy Evans
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP

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