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ASIA PACIFIC
Obligations of Receivers With Respect to Special Purpose Assets - Australia
Gadens Lawyers, Sydney
by Simon Lipp
In Florgale Uniforms Pty Ltd (Receiver and Manager Appointed) (In Liquidation) v Orders (2004) 51 ACSR 699, the Supreme Court of Victoria considered the issue of the duties owed by a receiver to a company and the guarantors of the company’s debts in respect of special purpose assets of the company.
[FULL STORY]
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Establishing Presence in China through Merger and Acquisition
Lehman, Lee & Xu, Beijing
by Sandy Lin
Though, on a global basis, mergers and acquisitions (M&A) were the prevalent method through which multinationals conducted foreign investment, previously, ‘green field’ investments were, virtually, the only option available to foreign investors in China. However, this appears to have changed dramatically over the last several years, with the Chinese Government having introduced and consolidated various laws and regulations since 2002, with the intention of stimulating M&A-related activity.
With the legal framework, structuring M&A activity, in place, the robust growth of China’s economy and its further liberalization of the domestic market after its accession to the World Trade Organization have worked together to fuel the accelerated pace of M&A activity in recent years. Statistics shows that China-related M&A transactions rose 50% in 2004 over the previous year. High profile foreign acquisitions include HSBC’s US $1.74 billion acquisition of a 19.9% stake in the Bank of Communications and Anheuser-Busch’s US $600 million acquisition of Harbin Brewery Group. It is foreseeable that M&A activity, which offers foreign investors a more immediate method of entering the China market as opposed to ‘green field’ investment, will continue to boom in China in the years to come.
This article will seek to provide a clear-cut overview of the current status of M&A practice in China so that foreign investors unfamiliar with China’s investment environment and legal framework may obtain a basic understanding of how to establish a presence in China through M&A.
[FULL STORY]
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Tide Turns for Creditors - Australia
Gadens Lawyers, Sydney
by Mayank Gupta
Creditors have generally faced an uphill battle in enforcing remedies against bankrupts, without the involvement of the trustee.
It seems that the tide may be turning, to the extent that creditors may commence proceedings against bankrupts, with leave of the Court, under certain circumstances.
The Federal Court case of Macquarie Bank Limited v Bardetta (April 2005) examined the question of whether creditors could commence legal proceedings against a bankrupt in respect of a provable debt.
[FULL STORY]
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