Normal Restructuring And Insolvency Regime In Hong Kong
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Published date: August 3, 2024
- Location: 1358, Ennetbürgen, Schaffhausen, Switzerland
As soon as the proposal has been finalized, the appliance is made to the Court for its approval to convene meeting of every class of affected creditors. In each of the meetings, the scheme have to be authorised by both a majority of a minimum of 50% in quantity, and a majority in quantity presenting no less than 75% in worth of the voting creditors. However, if the debtor goes into liquidation, the creditors are paid in accordance with the waterfall mechanism set out within the Insolvency and Bankruptcy Code. As soon as the liquidation estate has been liquidated and distributions made to stakeholders, the liquidator applies to the NCLT for 江戸川区 弁護士 dissolution of the debtor. Once the debtor has been dissolved, no liabilities survive.
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