The HKCCA’s Executive Committee invites you to the following presentation, hosted by DLA Piper.
Food and drinks will be provided. 1 Law Society of Hong Kong CPD point has been applied for. New York and California Approved Jurisdiction policy may apply.
TOPIC: Corporate Rescue Reform
This presentation is on the proposed introduction of a corporate rescue regime in Hong Kong. The speakers will contrast and compare the proposed approach with other jurisdictions in Asia and highlight the growing significance of US Bankruptcy laws in the region.
Hong Kong does not have a statutory corporate rescue regime; the relevant laws are outdated resulting in Hong Kong falling behind other countries in the region including even the Mainland. Despite a Law Reform Commission recommending the introduction of Provisional Supervision as long ago as 1996, no legislative reform has occurred. Nevertheless, an amendment bill containing the proposed corporate rescue regime is due to be introduced in the Legislative Council during 2014/2015. This bill is aimed at giving troubled companies time to restructure themselves. Mark and Jonathan will review the key features of the bill, including:
1. Initiation of process;
3. Employees' outstanding entitlements;
4. The Appointment holder;
5. Insolvent trading;
6. Treatment of secured creditors; and
7. The pitfalls for any "debtor-in-possession" approach.
Attendees should leave with an overall understanding of (1) the proposed process and its pitfalls; (2) the degree to which controlling shareholders, management or in-house counsel remain as "stakeholders" throughout in the process; and (3) the degree to which the process can be used in conjunction with Chapter 15 of the US Bankruptcy Code or the Cross-Border Insolvency regulations in the UK/Europe.
Mark Fairbairn is Head of DLA Piper's Restructuring practice in Asia. Mark has over 20 years' experience and a wealth of knowledge about alternative or special situation investments, financial restructurings, as well as formal insolvency matters. He is regionally and internationally recognized for his leadership in the restructuring and finance arenas, acting for major financial institutions, hedge funds, private equity investors, insolvency practitioners, turnaround specialists, steering committees and public and private corporations on cross-border transactions as well as certain contentious engagements.
Jonathan advises on distressed refinancing, distressed debt trading, security enforcement and restructuring and insolvency matters. He frequently acts on a range of cross-border distressed mergers and acquisitions and special opportunity transactions in Asia for funds, financial institutions, corporates and office-holders.
VENUE: 17th Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong
DATE: Wednesday 21 May 2014
TIME: 12.30 for lunch, 13.00 - 14.00 for presentation
RSVP: Please register no later than 19 May 2014. If you register but are then unable to attend, please email firstname.lastname@example.org and tell us so that any members on the waitlist may attend. If you have any suggestions for topics or speakers for future HKCCA events, please let us know at email@example.com.
Please note this event is exclusively for HKCCA members. If you are not an HKCCA member but you want to attend this presentation, you need successfully to apply for membership at www.hkcca.net and pay the membership fee before registering for the event. If you have any membership queries, please contact HKCCA Secretariat on firstname.lastname@example.org or (852) 2516 7007.