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    Virgin Active - out of the money creditors hold little sway
    2021-05-14

    On 12 May 2021, the High Court sanctioned Virgin Active’s Part 26A restructuring plan which had been heavily contested by certain landlords. This is the third restructuring plan to use cross-class cramdown (first used in the DeepOcean Group and subsequently in Smile Telecoms), and the first to bind dissenting landlord classes to lease compromises.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Coronavirus
    Authors:
    Katharina Crinson , Lindsay Hingston , Sally Montague
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    NRA Bankruptcy Dismissed for Lack of Good Faith in Filing
    2021-05-14

    The Bankruptcy Court for the Northern District of Texas dismissed the National Rifle Association’s (“NRA”) bankruptcy case on May 11, finding that the case was not filed in good faith. In his opinion, Judge Harlin Hale found that there was cause for dismissal because the case was filed “to gain unfair litigation advantage and … to avoid a state regulatory scheme,” neither of which he considered to be a purpose intended or sanctioned by the Bankruptcy Code.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Youmi Kim , Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Claims not part of approved resolution plan does not survive
    2021-05-15

    INTRODUCTION:

    Filed under:
    India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP
    Authors:
    Abhishek Kumar , Siddharth Pandey
    Location:
    India
    Firm:
    Singhania & Partners LLP
    Virgin Active Restructuring Plan approved in a disappointing week for landlords
    2021-05-17

    The pandemic and various lockdowns have been tough on the landlord community. The last few days have not made that any easier. First, the New Look decision dismissed the challenge mounted by a number of landlords (see our blog here ). Then on 12 May 2021 the landlord community was dealt another blow by the outcome of the restructuring plan (“RP”) in Virgin Active.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs
    Authors:
    Mark Prior
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    A Word of Counsel 1st Edition 2021 (12th Issue)
    2021-05-13

    NEWSLETTER A WORD OF COUNSEL 1st Edition 2021 (12th Issue) ww.dvc.hk IN THIS ISSUE Who was appointed to act as a provisional liquidator for UA Cinemas? PAGE 54 Who from DVC appeared in this year's inaugural edition of the Legal 500 (2020-2021) Hong Kong Edition? PAGE 56 What are the limits to the Irregularity Principle and what remedies are available to an aggrieved Director? PAGE 33 Why is reform needed in HK's mental health arena?

    Filed under:
    Hong Kong, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Coronavirus
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    Rights, Default, No-Action?: REXLot Holdings Ltd. [2020] HKCFI 2212
    2021-05-13

    Background

    Bonds that are traded via clearing houses, such as Euroclear and Clearstream, often contain terms providing that there will be a trustee for the issue, who may be appointed by the participants in the relevant clearing system or by the beneficial owners.

    Quite often, the terms of the bonds will contain so-called “no-action clauses”, pursuant to which the trustee may be accorded certain rights and powers to take action on behalf, and instead, of the beneficial bondholders.

    Filed under:
    Hong Kong, Capital Markets, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Bond (finance), Trustee, Court of First Instance (Hong Kong)
    Authors:
    Yang-Wahn Hew
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    Adjournment of winding-up petitions for restructuring - An indulgence not lightly granted
    2021-05-13

    In recent years, it has become increasingly common for companies seeking to avoid an immediate winding-up order, particularly listed companies, to pray in aid of alleged efforts to restructure their debts in a bid to obtain adjournments of a winding-up petition. All too often, these valiant attempts fail: see Re Chase On Development Limited [2020] HKCFI 629, Re SMI Holdings Group Limited [2020] HKCFI 824 and Re REXLot Holdings Ltd [2020] HKCFI 2212 to name a few.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Court of First Instance (Hong Kong)
    Authors:
    Douglas Lam SC , Jasmine Cheung
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    Peak indebtedness gets sin binned
    2021-05-13

    The pavlova, women’s right to vote, the flat white, the Rugby World Cup… New Zealand has a storied history of beating Australia to the punch. However, Aussie liquidators might not be so keen to throw their trans-Tasman cousins a friendly ‘chur!’ as their ability to pursue unfair preference claims continues to be eroded following the recent Full Court decision in Badenoch.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Cornwalls, Good faith, Corporations Act 2001 (Australia), Federal Court of Australia
    Authors:
    Jarrod Munro , Xavier Murphy
    Location:
    Australia
    Firm:
    Cornwalls
    Landmark Recalibration of Hong Kong’s Winding-up Jurisdiction over Foreign Companies: Re China Huiyuan Juice Group Limited
    2021-05-13

    In the landmark case of Re China Huiyuan Juice Group Limited [2020] HKCFI 2940, Mr Justice Harris recalibrated the Hong Kong winding-up jurisdiction and its application to an offshore incorporated, Hong Kong-listed entity.

    In particular, the decision explains why the Hong Kong court may be unable to wind-up an offshore incorporated, Hong Kong-listed company where all of the company’s operating assets are in the Mainland.

    The Material Facts

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Court of First Instance (Hong Kong)
    Authors:
    Look-Chan Ho
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    Multiple Lines of Attack on a Statement of Claim considered in Polyline Development Ltd v Ching Lin Chun and Others [2021] HKCFI 483
    2021-05-13

    In the recent decision of Polyline Development Ltd v Ching Lin Chun and Others [2021] HKCFI 483, Mr Recorder Manzoni SC struck out the Plaintiff’s statement of claim and action on a number of grounds. At para. 9 of the judgment, the learned Recorder highlighted the length of the submissions and evidence put forward by the parties, before remarking that “it may be thought that if such voluminous material is necessary in order to persuade the court that the claim is obviously unsustainable, the application is somewhat ambitious”

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Court of First Instance (Hong Kong)
    Authors:
    Michael Lok
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers

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