Tanner De Witt acted for Chan Ho Yin (also known as Michael Chan) of Kroll (HK) Ltd and Elaine Hanrahan, the Joint Liquidators of Bull’s-Eye Limited (in Liquidation) (“BEL”) which was wound up in the BVI on 15 January 2024. BEL is a company connected to Hua Han Health Industry Holdings Limited (formerly listed on Main Board of the HKEx, stock code 587) (“Hua Han”). Michael Chan is also a one of the joint and several liquidators of Hua Han. BEL held roughly 30% shares in Hua Han and its sole shareholders and directors were the founders of Hua Han.

Given Hong Kong’s status as an international financial hub and the fact that more than 75% of the companies listed on the main board of the Hong Kong Stock Exchange are incorporated in either the Cayman Islands or in Bermuda (only around 11 percent are incorporated in Hong Kong), it is common for foreign liquidators to conduct investigations in Hong Kong.

As a general recap (following recent developments in the jurisprudence) [1], in order to seek recognition and assistance from the Hong Kong Court, a foreign liquidator would have to establish the following: