The Court of First Instance in Hong Kong recently provided a timely reminder that the jurisdiction to wind up a foreign company is an exorbitant one and therefore winding up petitions and applications for leave to serve them out of the Hong Kong jurisdiction must be properly thought through and drafted before the Court will consider giving leave to serve out, and they may be liable to be struck out entirely if not.

The case of Lau Siu Hung and Another v Krzysztof Marszalek and Another [2013] HKEC 936 appears to be the first authority in Hong Kong on the effect an annulment of a bankruptcy order has on debts which remain unproven when an annulment order is made.  On 17 June 2013, the Court of First Instance held that an annulment of bankruptcy cannot prohibit a creditor, who has not proved his debts before, to obtain relief from the court after the annu

In a judgment handed down on 6 March 2013, the Hong Kong High Court elaborated on the guiding principles the court will follow when determining whether or not it should exercise its 'exorbitant' jurisdiction to wind up an unregistered overseas company 'which prima facie is beyond the limits of territoriality'.

In Rubin v Eurofinance SA and New Cap Reinsurance Corporation (in liquidation) and another v AE Grant and others [2012] UKSC 46, the UK Supreme Court held that:  

On Tuesday morning, the Federal Deposit Insurance Corporation (“FDIC”) Board unanimously approved two rules regarding resolution planning: one rule for large bank holding companies and nonbank financial companies supervised by the Federal Reserve Board of Governors (“FRB”),1 and the other rule for large banks.2

The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the “FDIC Board”) meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg. Chairman Bair’s valedictory meeting was not merely ceremonial; it also covered several key developments regarding the timing of a final rule on resolution plans under section 165(d) of Title I and a final rule on the Orderly Liquidation Authority (“OLA”) under Title II.

A. RESOLUTION PLANS/ LIVING WILLS

On January 24, 2011, the Honorable Dwight H. Williams, Jr. of the U.S. Bankruptcy Court for the Middle District of Alabama denied the Federal Deposit Insurance Corporation’s (“FDIC”) request for relief from the automatic stay in the Colonial BancGroup, Inc.