引言
随着 COVID-19 疫情持续在全球范围内造成严重破坏，疫情对泰国经济的影响 也非常明显。由于暂停对国际旅客的开放，占泰国 GDP15％以上的旅游业在 本年度收入已大幅减少。严重依赖旅游业的企业已经被迫关闭了成千上万家， 而许多在 COVID-19 之前就已经遇到财务困难的公司现在已濒临破产边缘。 今年，泰国的破产与重整法在 1997 年亚洲金融危机以后又一次重回公众的视 野。2020 年 4 月下旬，泰国行业领先的房地产开发商之一 PACE Development Public Company Limited 向泰国中央破产法院（“法院”）提交了破产重整 申请。
紧接着是泰国的老牌航空公司——泰国国际航空公司（Thai Airways International Public Company Limited，简称“ 泰航”），由于 COVID19 造成的财务困难，于 2020 年 5 月 26 日向法院提交了破产重整申请。曾经 被视为航空企业标杆的泰航，截至 2020 年 3 月 31 日，债务总额高达 3540 亿 泰铢（约合 112 亿美元）。法院初审时间定在 2020 年 8 月 17 日，届时法院 将裁定是否接受泰航继续进行破产重整。
Hong Kong Court refuses to grant an antisuit injunction to stay a winding-up petition where an arbitration agreement existed
21 August 2020
The Hong Kong Court of First Instance has dismissed an application by a British Virgin Islands (BVI) company (C) for an interim anti-suit injunction against proceedings commenced by a Cayman Islands company (D) for the winding-up of the BVI company in the High Court of the BVI.
So you have a freezing order against a start-up company, now what? Can that start-up use the assets which are the subject of your order, or any of its other assets, to continue to pursue its risky business, or must it stay idle and wait for the inevitable?
Hong Kong Court refuses to grant an antisuit injunction to stay a winding-up petition where an arbitration agreement existed
19 August 2020
The Hong Kong Court of First Instance has dismissed an application by a British Virgin Islands (BVI) company (C) for an interim anti-suit injunction against proceedings commenced by a Cayman Islands company (D) for the winding-up of the BVI company in the High Court of the BVI.
On July 2, 2020, the Court of Appeal for Ontario (the “Court”) released its decision in Hutchingame Growth Capital Corporation v.
The Second Circuit ruled last week in Lehman Bros. Special Fin. Inc. v. Bank of Am. Nat'l Ass'n, No. 18-1079 (2d Cir. 2020) that a Lehman Brothers affiliate cannot claw back $1 billion in payments made pursuant to swap agreements that were terminated when Lehman Brothers Holdings Inc. (“LBHI”) and certain of its affiliates filed for bankruptcy in 2008. The panel concluded that the Bankruptcy Code provides a safe harbor for the liquidation of such swap agreements and also the distribution of proceeds from the collateral.
Shandong Chenming Paper Holdings Limited v Arjowiggins HKK 2 Limited CACV 158/2017 (date of judgment 5 August 2020)1
Introduction
Capital intensive businesses often raise capital from multiple sources, including loans from senior and subordinated lenders and hybrid financing – most typically loans accompanied by warrants – from so-called mezzanine lenders. A borrower’s cost of funds with respect to each depends on the quantum of risk associated with the particular credit. Senior lenders enjoy priority in payment and recourse to discernible collateral and are able to offer lower interest rates and lower fees.
- Introduction
Under Hong Kong law, a company shall be deemed to be unable to pay its debts if a creditor, to whom the company is indebted of at least HKD 10,000 (around USD 1,290), has served on the company a demand requiring the company to pay and the company has not done so within three weeks.
As previously reported in our article of 21 May 2020, the Corporate Insolvency and Governance Act 2020 (Act), introduced a number of new tools for businesses suffering financial distress. One of the new measures introduced by the Act was the 'Restructuring Plan' – a process modelled on the existing scheme of arrangement (Scheme) but with the following key distinctions: