Related briefings

Recognition and Assistance for PRC Insolvency in Hong Kong

Synopsis A recent case in Hong Kong, has demonstrated both the ability and willingness of common law courts to recognise insolvency appointments made by the courts of the People’s Republic of China (‘PRC’), and to grant appropriate assistance at common law. It is to be hoped that this proven track record will pave the way for easier recognition of common law court appointed liquidators in PRC, where, unlike in common law countries, such recognition is subject to the principle of reciprocity.

Cayman Islands Updated Economic Substance Guidance

Version 3.0 of the Cayman Islands guidance notes (“Guidance”) on the Cayman Islands’ economic substance legislation provides additional assistance in interpreting the International Tax Co-operation (Economic Substance) Law (the “ES Law”).

Enforcement of share charges over Cayman Islands aircraft owning SPVs

The aviation industry has been severely impacted by the COVID-19 pandemic. Although flying has now resumed in a limited capacity, airlines which have already been severely weakened by months of enforced inactivity are now facing a long, slow recovery, and for many the worst is not over yet. We have already seen a number of airlines enter into bankruptcy protection, and more are likely to follow over the coming months as passengers and operators adjust to the realities of flying in the post-COVID era. As a result, financiers and lessors are considering their position and looking at ways that they can improve their rights or enforce their security in a default situation. In particular, there has been an increased focus on the security that a financier would typically take over the shares in a Cayman Islands aircraft owning SPV and how, in practice, a financier can enforce their rights under this share security to gain control of an aircraft from a defaulting owner.

Insurers first to be registered under New Bermuda ISAC Act

The first company and incorporated segregated account (ISA) to be registered in Bermuda under the Incorporated Segregated Accounts Company Act 2019 (ISAC Act) have been licensed as insurance companies. Conyers advised on the incorporation of both the ISAC and ISA and their registration as insurers, working closely with the Bermuda Monetary Authority and the Registrar of Companies.

Recent Regulatory Changes Affecting Companies and Limited Liability Companies

It should be noted that due to recent amendments to the Companies Law (2020 Revision) and Limited Liability Companies Law (2020 Revision) certain additional information will be required to be filed with the Registrar of Companies from 1 September 2020. In addition, such information will be made publicly available online from 1 October 2020 upon […]

Latest Briefings

Food & Drink Update – September 2020

Guidance on the latest food and drink rules, including post-furlough planning and workforce measures manufacturers, Brexit and the workforce – how to prepare for upcoming changes, protecting innovation in the food & drink industry, and more.

Coronavirus business interruption test case – judgment in the “insurance case of the century”

Flaux LJ and Butcher J today handed down judgment in the test case brought by the FCA to explore whether hundreds of thousands of businesses can recover under their business interruption policies for losses caused by the pandemic, in the “insurance case of the century” – the only claim heard under the Financial List Test Case Scheme. Many of those businesses will, today, be celebrating a fantastic win for them.

Cayman Islands Update: Economic substance guidance notes V3 issued

On 13 July 2020, the Cayman Islands Department for International Tax Cooperation (the “DITC”) issued version 3.0 of the Guidance on Economic Substance for Geographically Mobile Activities (the “Guidance”) pursuant to the ES Law (as defined below). This replaces the previous version 2.0 of the Guidance issued on 30 April 2019.

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Hong Kong

Hogan Lovells hires Hong Kong restructuring partner from DLA

Hogan Lovells is to take on Hong Kong restructuring partner Jonathan Leitch from DLA Piper. Leitch relocated to DLA’s Hong Kong office in 2012, having made partner four years earlier. He joined DLA in 1998, spending nearly a year and a half on secondment in the global restructuring group at The Royal Bank of Scotland. […]

 Are you a “player”? How to future-proof yourself in the digital age

This year’s keynote speaker at The Lawyer’s Business Leadership Summit was the “practical futurist” and former IBM global managing partner Andrew Grill, who had a simple message: “Disrupt yourself or you will be disrupted”. Grill set the tone immediately in his keynote, and for the Summit as a whole, by finding out how “digitally curious” […]

Slaughters brought in for administration of QuickQuid

Slaughter and May has landed a new insolvency role, acting for the administrators on the insolvency of payday lender QuickQuid. CashEuroNet, the owner of the brand QuickQuid, announced its exit from the UK market last week due to regulatory changes. The company was being advised by US firm Paul Hastings, with restructuring partners David Ereira […]

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