Cologne: une personne prise en otage, la gare centrale évacuéeLa police régionale a indiqué sur son compte Twitter qu'une personne a été prise en otage sur une place proche de la 'Hauptbahnhof' de Cologne.Selon plusieurs médias allemands, la gare centrale … The Federal Court in the Mansion Properties decision (see the grounds of judgment dated 24 November 2020) held that the application for a restraining order in a scheme of arrangement can be made ex parte (without notice). It closed at HK$0.315 last Friday. has reached out to lessors, creditors and key suppliers as part of its “urgent” restructuring exercise as it sees little sign of the pandemic easing. This is in contrast with other requirements under the CA 2016. Creditors’ Voluntary Liquidation (CVL) When a company is being pursued by creditors intent on winding it up, a Creditors’ Voluntary Liquidation can be the best solution for a seemingly untenable situation. A Pre-Packaged Scheme however requires just one application to Court to approve a proposed scheme, without convening a creditors meeting. iisd.ca. Or at the very least, to be first served on the creditors that had initiated legal proceedings already. THE next few weeks will be crucial for Malaysia Airlines Bhd (MAS) and AirAsia X Bhd (AAX) as the two airlines make a last-ditch attempt to convince creditors to agree to take haircuts on their debts. This phrase means that the Court is entitled to deal with every issue summarily and without the necessity of a trial. The Court of Appeal also decided that 2nd Proceedings was secretly filed and with the order obtained in a different court. The Federal Court reversed the Court of Appeal decision. Malaysia Singapore ... Philippine Airlines plans to seek court protection from creditors. (b) send to each creditor with the notice a statement showing the names of all creditors and the amounts of their claims. Procedurally, the company first applies to the Court to convene a meeting of the creditors or classes of creditors. Fourth, it is clear that the legislature had addressed its mind to the specific questions of what measures are necessary to ensure that creditors are aware of restraining order applications. On 14 December 2017, Mansion Properties held the creditors’ meeting. The Edge said Malaysia Airlines is currently appealing to its creditors to take a reduction on the debts owed to them, due to its difficulties in meeting payment obligations amid a slow recovery hampered by the Covid-19 pandemic’s impact on airlines and the tourism industry. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Second, there is one ancillary effect of this decision. They are contained in section 368(2) to (7) of the CA 2016. If a resolution is passed in favour of the winding up, the company will appoint a liquidator, subject to any preference the creditors may have as to the choice of liquidator. This case appears to endorse the point that an applicant must meet the four pre-conditions in section 368(2) of the CA 2016 from the very start. Genting Hong Kong hopes to reach a restructuring solution for the group with its creditors. THE next few weeks will be crucial for Malaysia Airlines Bhd (MAS) and AirAsia X Bhd (AAX) as the two airlines make a last-ditch attempt to convince creditors to agree to take haircuts on their debts. In particular, the company would need more than 50% in value of the proposed scheme creditors to support the nomination of a director (see section 368(2)(d)). There had been a long debate on whether a restraining order could be applied ex parte or must be made on an inter partes basis. The Provisional Liquidator has to file and send some necessary forms or letters to SSM, Official Receiver and Bank and make arrangement to publish the necessary advertisements in a newspaper circulating generally throughout Malaysia. Mansion Properties served the ex parte Order on the purchasers and other creditors. The Federal Court recognised that it is common practice for an applicant to seek a restraining order on an ex parte basis. The Special Administrators will shortly be making further information on the Initial Meeting available on the Website, so please check the Website for further details. Second, after the grant of the ex parte restraining order, the affected creditors have the right to intervene in the proceedings and to set aside the order. PCB said that it had on July 23 applied and obtained a restraining order from the Ipoh High Court for 90 days, which will expire on October 20, 2020, enabling the company to call for a Court Convened Creditors’ Meeting pursuant to Section 366 of the Companies Act 2016. The phrase “in a summary way” appears in both section 366(1) (the provision for permission to hold the creditors’ meeting) and in section 368(1) (the provision for the restraining order) of the Companies Act 2016 (CA 2016). Malaysia Airlines Bhd. But it is silent on whether the application is to be made ex parte or inter partes. Previously, the nominee would automatically convene a physical meeting of creditors but following a change to the Rules in April 2017, a nominee can propose voting by correspondence or virtual meeting or other electronic means, marking a move away from meetings as the only way in which the views of creditors may be determined. Due to this delay, in 2017, some purchasers filed claims against Mansion Properties for liquidated ascertained damages. If the directors of the company are unable to provide a declaration of solvency, the company can proceed with the creditors winding up. has reached out to lessors, creditors and key suppliers as part of its “urgent” restructuring exercise as it sees little sign of the pandemic easing. The Edge said Malaysia Airlines is currently appealing to its creditors to take a reduction on the debts owed to them, due to its difficulties in meeting payment obligations amid a slow recovery hampered by the Covid-19 pandemic’s impact on airlines and the tourism industry. I had covered the Court of Appeal decision in an earlier post. This was mala fide. “The office copy of the High Court order will be lodged to the Companies Commission of Malaysia,” Prestariang said in a filing with Bursa Malaysia. to be used for voting purposes at the initial meeting of clients and creditors to be held on 9 January 2012 (the “ Initial Meeting ”). The proposed scheme was approved by the creditors. This is to provide the company with breathing room to focus on the scheme of arrangement. A creditors’ meeting would also need to be convened on the same day of the general meeting or a day after it. It was a case on whether a trade description order could be made ex parte. Third, there are also specific statutory safeguards in the grant of a restraining order. Legal proceedings would definitely fall within this phrase e.g. To preserve the status quo and to prevent the dissipation of the company’s assets. After the Court of Appeal decision in Mansion Properties, it seemed that the prudent position was for the company to serve the restraining order application on its creditors. Post was not sent - check your email addresses! The Court hearing the 2nd Proceedings granted this order on 7 February 2018. Therefore, with the need for immediate action and speedy procedures, an ex parte application would be suitable and appropriate to achieve this legislative purpose. At the Federal Court, there was a single question of law: Whether an Order made pursuant to an application under section 366 and section 368 of the Companies Act 2016 subsequently served on the creditors is an abuse of the Court process which renders the entire Court scheme or entire Court-sanctioned scheme liable to be set aside. Mansion Properties is the developer of a housing project in Penang known as D’Mansion. An application for a restraining order must be served on the creditors whose actions or proceedings are sought to be restrained. Malaysia's AirAsia X Bhd plans to drop a local airport operator from its $15.3 billion debt restructuring plan to expedite discussions with creditors as its cash is running out fast, people with direct knowledge of the matter said. Derniers chiffres du Coronavirus issus du CSSE 01/12/2020 (mardi 1 décembre 2020). This occurs when the company is insolvent. The respondents in the Federal Court were purchasers of the condominium units. Giving prior notice inevitably resulted in many of these creditors appearing and opposing the making of the initial restraining order. This Federal Court seems to tacitly acknowledge the need for these requirements at [50] of the grounds of judgment. Parliament did not see it fit to include any requirement for an inter partes application or the need to serve the application prior to the hearing. Genting Hong Kong Ltd, Hold Its First Creditors’ Meeting Today To Restructure Debts. The Federal Court referred to its own apex decision in Tan Kim Hock Product Centre Sdn Bhd v Tan Kim Hock Tong Seng Food Industry Sdn Bhd [2018] 2 MLJ 1. On 2 February 2018, Mansion Properties filed a second set of ex parte court proceedings (the 2nd Proceedings). The applications were still pending. FMT Reporters - August 24, 2020 2:47 PM . This Federal Court decision is welcomed. Malaysia Airlines Bhd. court and arbitration proceedings. In the 1st Application, Mansion Properties applied for the holding of the creditors’ meeting as part of a proposed scheme of arrangement and a restraining order to restrain all proceedings against Mansion Properties. For example, the pre-conditions to be met under section 368(2) and the person appointed as the director has the right of access to all the company’s records under section 368(3). Au niveau mondial le nombre total de cas est de 63 236 891, le nombre de guérisons est de 40 528 823, le nombre de décès est de 1 467 988. Source : Ivany Atina Arbi, « Ramadan starts Friday, government declares », … An ex parte application is appropriate where there is a need to obtain an order swiftly to achieve that legislative purpose. Malaysia's AirAsia X Bhd plans to drop a local airport operator from its US$15.3 billion debt restructuring plan to expedite discussions with creditors as its cash is … KidZania Singapore has reportedly gone into liquidation with S$53.4 million of debt to over 1,000 creditors. Information [...] contenue dans les communications nationales des non-parties à l'Annexe I: Ce point a été mis en suspens. On 17 August 2018, High Court allowed the respondents’ application to intervene. PCB said that it had on July 23 applied and obtained a restraining order from the Ipoh High Court for 90 days, which will expire on October 20, 2020, enabling the company to call for a Court Convened Creditors’ Meeting pursuant to Section 366 of the Companies Act 2016. In many cases the first indication that a creditor / supplier gets of a customer being in financial difficulty is receipt of a “notice of creditors meeting”. It is to preserve the status and to prevent efforts to approve a scheme of arrangement from being thwarted by the dissipation of the company’s assets. The general principles were that the Court should look to the legislative purpose of the statutory provision. Insolvency Act 1986 The Borough of Southend-on-Sea 0.694171 51.539172 SS0 7LP 2015 … It will be interesting to see a definitive decision in Malaysia on the interpretation of the terms “proceedings” and “proceeding” against the company in light of the legislative purpose of the restraining order. This involves about 50 creditors comprising lessors, aircraft maintenance service providers and key suppliers. The Court cited several cases. Therefore, the company will still face the hurdle of obtaining some support from its creditors. The creditors’ meeting is called after a meeting of shareholders – often directly following it, or within a maximum of 14 days. The High Court held that the proposed scheme was bona fide and that Mansion Properties had complied with all the relevant legal provisions. There cannot be an initial three-month restraining order without having first met the four pre-conditions. See my earlier commentary on this. The Federal Court recognised that ex parte applications can be necessary and appropriate in certain circumstances. But the exercise of these contractual rights or exercise of security would be detrimental to the status quo and deplete the company’s assets trying to undertake a scheme of arrangement. Malaysia Airlines was providing clarification regarding today’s notice to MAS’ creditors by the defunct company’s liquidator KPMG, where creditors were told to submit proof of the debt owed to them by MAS or proof of their claims by 5pm on November 12, 2020 to KPMG Deal Advisory Sdn Bhd. SINGAPORE — Department store chain Robinsons owes over $31.6 million to some 440 creditors, according to a notice dated last Friday (13 November). Their argument was that the restraining order should be made inter partes and not ex parte. The Edge said Malaysia Airlines is currently appealing to its creditors to take a reduction on the debts owed to them, due to its difficulties in meeting payment obligations amid a slow recovery hampered by the Covid-19 pandemic’s impact on airlines and the tourism industry. The purpose of the meeting is for the creditors to prove their claims and elect a trustee. Further, Malaysia’s scheme of arrangement allows for the grant of a restraining order. holding of a meeting of shareholders to pass a special resolution to wind up voluntarily, followed by a meeting of creditors of the company. (3) The company shall cause notice of the meeting of the creditors to be advertised at least seven days before the date of the meeting in a newspaper circulating generally throughout Malaysia. For the 1st Proceedings, especially seeking for a restraining order, the court papers should have been first served on the respondents. The decision comes after 100% of the scheme creditors approved the proposed scheme at a court convened meeting on Nov 9. The creditors have the option of replacing the liquidator appointed by the shareholders during the earlier phase. A check with the Companies Commission of Malaysia shows that its creditors include Turus Pesawat Sdn Bhd, Yamasa Aircraft BY1 Kumiai, BBAM Aircraft Holdings and Pembroke Aircraft Leasing. For striking-off, the directors will each have to make a declaration stating that the Company has either not commenced business since incorporation or have ceased business, have no assets and liabilities as well as do not have any dues to the authorities. However, the High Court dismissed all the other reliefs sought. The restraining order is also often concurrently obtained with an order to convene the creditors’ meeting. Malaysia’s AirAsia X Bhd plans to drop a local airport operator from its $15.3 billion debt restructuring plan to expedite discussions with creditors as its cash is running out fast, people with direct knowledge of the matter said. Accédez à l'espace presse de SAA pour obtenir plus d'informations sur les derniers communiqués de presse, images et vidéos. Malaysia Airlines' parent company has sought financial aid from its sole shareholder, the nation's sovereign wealth fund, as debt restructuring talks with creditors drag on, the company said on Saturday. After this: It is to ensure that a company’s restructuring efforts are not rendered nugatory pending the approval of a scheme of arrangement. From this low point of seven active rigs, we rebounded and at the date of this report, we have 11 active rigs after successful contract start-ups in the North Sea and in Malaysia. But what about other proceedings such as a set-off, an appointment of a receiver, or a call on a performance bond? Having obtained the creditors’ approval at the meeting, Mansion Properties now sought for court sanction of the scheme. The respondents appealed to the Court of Appeal. The Court of Appeal held there had been procedural non-compliance and abuse of process. Malaysia Singapore Philippines ... the company and the bookrunners called a creditors' meeting for bondholders in the Nov. 10 default on Monday in Zhengzhou, the … At the same meeting, following the proposal by the Chair, the SBI adopted the ... noting that the Red Cross funding arrangements relating to its Companies' Creditors Arrangement Act application had not yet been completed. The notice, which was made public online on Wednesday, provisional liquidator KordaMentha said that an online creditors' meeting will be called next Thursday (26 November) at 2pm. The respondents then filed applications in the 2nd proceedings. These would be contractual rights. In a creditors' winding-up, an extraordinary general meeting of the company's members must be called, followed by a special creditors' meeting to formalise the liquidation and the choice of liquidator. Under section 368(1) of the CA 2016, a restraining order will restrain “further proceedings in any action or proceeding against the company“. The company would be delayed in obtaining the crucial breathing space. Its share price fell last Thursday, down 37% to an all-time low of HK$0.30 (16 sen). Genting HK to hold first creditors’ meeting to restructure debts. First, the Federal Court determined what is the purpose of a restraining order. “The matter is unrelated to Malaysia Airlines and is in no way part of its current restructuring exercise,” Malaysia Airlines was quoted as saying by The Edge. This makes it advantageous for a distressed company to seek urgent moratorium protection through a restraining order. Nov 5, 2019 - Crédits: @travelbucketlist.s lieu poisson voyage océans ville du monde lieu fantastique lieu incroyable lieu atypique lieu insolite First, on the finding that a restraining order can be obtained ex parte. If the company is not able to meet its liabilities, the company can convene a meeting with its creditors to consider its proposal for a voluntary winding up of the company. A scheme of arrangement allows for a debt restructuring when essentially more than 75% in value of creditors, or classes of creditors, agree to the proposal. The Court of Appeal reversed the High Court decision.

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