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    New Chapter 11 Filing - Gateway Kensington LLC
    2021-05-14

    On May 14, 2021, Gateway Kensington LLC, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-22274).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Small Business Administration (USA)
    Location:
    USA
    Firm:
    Cole Schotz PC
    A Low Point for the Peak Indebtedness Rule
    2021-05-14

    Introduction

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Mills Oakley, Corporations Act 2001 (Australia)
    Authors:
    Ariel Borland , Nik Angelakis
    Location:
    Australia
    Firm:
    Mills Oakley
    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
    Virgin Active - Restructuring Plans sanctioned
    2021-05-13

    An important judgment by Snowden J yesterday, sanctioning Virgin Active's restructuring plans after a contested sanction hearing, which included a cram down of several landlord classes that did not approve the plans by the requisite majorities in those classes.

    The decision is important as among the many points covered, it considers certain key issues including:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, A&O Shearman
    Authors:
    Alexander Wood
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    Stop Winding me Up - Injunction to restrain presentation of winding-up petition: clarification as to the correct test to be applied
    2021-05-13

     A Word of Counsel 9 1. In Hung Yip (HK) Engineering Company Ltd v Kinli Civil Engineering Ltd [2021] HKCFI 153, Harris J reminded practitioners of the true principles applicable to an injunction restraining the presentation of a winding-up petition. Prior to this judgement, it would be fair to say that a number of practitioners had proceeded on the assumption that the hurdle for an applicant to cross was effectively the same as that to defeat a creditor's petition. Introduction 2.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Court of First Instance (Hong Kong)
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    In The Matter of Javazzi Limited [2021] EWHC 1239 (Ch) - High Court disqualifies former company director for 7 years on the basis of accounting failures
    2021-05-13

    Christopher Buckingham acted for the Secretary of State in Re Javazzi Limited (in liquidation) [2021] EWHC 1239 (Ch).

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Enterprise Chambers
    Location:
    United Kingdom
    Firm:
    Enterprise Chambers
    High Court Rejects New Look Landlords’ CVA Challenge in Landmark Decision
    2021-05-13

    The decision confirms that company voluntary arrangements remain a flexible tool for restructuring leasehold portfolios.

    • No rigid test exists for “basic fairness” that requires a landlord to receive at least market rent, or that contractual rent should be interfered with to the minimum extent necessary.

    • If a landlord is entitled to terminate the lease and receive a better outcome than in the alternative, any automatic unfairness from changes to the terms of the lease is negated.

    • Whether a CVA is unfairly prejudicial depends on all the circumstances of the case.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Latham & Watkins LLP
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Indenture Trustees Must Provide Substantial Contribution to Qualify for Administrative Expense
    2021-05-13

    The United States Bankruptcy Court for the Southern District of Texas recently clarified the administrative expense standard applicable to indenture trustees by holding that they can recover fees and expenses as administrative expenses only when they make a “substantial contribution.” This standard requires a greater showing than “benefit to the estate,” which is the general administrative expense standard. In re Sanchez Energy Corp., No. 19-34508 (Bankr. S.D. Tex. May 3, 2021).

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    Shmuel Vasser
    Location:
    USA
    Firm:
    Dechert LLP
    Part 26A restructuring plans - most significant change in 20 years
    2021-05-13

    In what is likely to be the most significant change to the UK restructuring and insolvency market since the Enterprise Act 2002, the Court has yesterday1 paved the way for restructuring plans under Part 26A to the Companies Act 2006 ("RPs") to be used to compromise the rights of landlords, financial creditors and other unsecured creditors provided the company shows that those creditors are "out of the money". There may even be no need to ask those compromised creditors to vote on the RP.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Companies Act 2006 (UK), Insolvency Act 1986 (UK)
    Authors:
    Kevin Pullen , John Whiteoak , John Chetwood , Matthew Bonye
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP

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