After abortive attempts in 2000-2001, 2008-2009, and 2014 to introduce a statutory corporate rescue procedure, the Hong Kong Government has recently announced in a paper submitted to the Legislative Council that it will present the Companies (Corporate Rescue) Bill (the “Bill”) to the Legislative Council in early 2021. Once enacted, the Bill will introduce a corporate rescue procedure and insolvent trading provisions in Hong Kong.

The COVID-19 (coronavirus) pandemic triggered – in addition to health and human tragedies – the most serious economic crisis since World War II. This economic crisis has led to financial difficulties for many German companies – especially in the tourism, gastronomy, aviation, hotel, culture and event sectors. COVID-19 also affects the overall economic development in many other sectors.

Syedur Rahman of Rahman Ravelli examines a case that ruled on whether a Warning Notice can be issued while there is a liquidation stay on action and proceedings.

As the saga continues following the collapse of the facilities management and construction services group Carillion, so does the legal fall-out regarding the company and its regulation by the Financial Conduct Authority (FCA).

Welcome to the latest in the series of blogs from Fenchurch Law: 100 cases every policyholder needs to know. An opinionated and practical guide to the most important insurance decisions relating to the London / English insurance markets, all looked at from a pro-policyholder perspective.

Some cases are correctly decided and positive for policyholders. We celebrate those cases as The Good.

Some cases are, in our view, bad for policyholders, wrongly decided, and in need of being overturned. We highlight those decisions as The Bad.

Many of the measures of the French Ordinance No. 2020-596 of 20 May 2020, adapting pre-insolvency and insolvency French rules in response to the consequences of the Covid-19 pandemic, were due to expire on 31 December 2020.

The French law on Acceleration and Simplification of Public Action n°2020-1525 of 7 December 2020 now extends them until December 31, 2021.

The extended measures are as follows:

The year 2020 is drawing to an end and the construction industry is gearing up for what is typically referred to as the builders break over the December holidays. A lot of construction companies will find the 2020 builder’s break to be very different to those of previous years, due to the negative impact that the COVID-19 pandemic has had on the construction industry, and the world at large.

If you’re an unsecured creditor, it can be harder to get payment from a bankrupt debtor. But to have a chance of getting paid, you must file a proof of claim to assert your right to a distribution.

Richard J Cooper, Lisa M Schweitzer, Kara A Hailey and John H Veraja, Cleary Gottlieb Steen & Hamilton LLP

This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.

In summary

Cuker Interactive, LLC filed a Chapter 11 bankruptcy petition on December 13, 2018, in the United States Bankruptcy Court for the Southern District of California.

Fabio Guzmán-Saladín and Pamela Benzán Arbaje, Guzmán Ariza

This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.

In summary