In Re Hin-Pro International Logistics Limited[1], the Hong Kong Court of First Instance held that it has jurisdiction to grant leave to amend a creditor's winding up petition to include debts accrued only after its presentation.

In Wong Tak Man, Stephen & Another v Cheung Siu Fai & Ors [2015] HMP 1431/2012, the Court held that transfers of funds made by a bankrupt were not transactions at undervalue or unfair preferences pursuant to s49 and s50 of the Bankruptcy Ordinance (the "BO"). This case serves as a useful reminder on how the Court will interpret s49 and s50 BO, as deemed to be applied in a corporate context by s.266B(1)(a) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32).

Facts 

In its landmark decision of Kam Leung Sui Kwan v Kam Kwan Lai & Ors FACV 4/2015, issued yesterday, the Court of Final Appeal has brought some closure to the long running Yung Kee restaurant matter by making a winding up order against Yung Kee Holdings Limited (YKHL) with a 28-day stay to allow the parties to consider possible buy-out opportunities.  This reverses the previous decisions in the Court of First Instance and the

The case of Re Company A-E [2015] HCMP 2019/2015 demonstrates that the Court will take a practical approach in determining whether a funding arrangement infringes upon the common law rules against maintenance and champerty. The Court will consider commercial factors, such as the underlying rationale for the funding arrangement and the commercial character of the funder, alongside its analysis of the common law principles.

On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the “Scheme”). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new ground in relation to an “amend and extend” scheme in early 2014 when it established sufficient connection to England off the back of a change in governing law. Second, the Scheme was aggressively opposed and its sanction by the High Court was appealed to the Court of Appeal (although ultimately the appeal was withdrawn).

In the unusual case of Albert Edward Rodrigues v Associacao Portuguesa de Socorrous Mutuos (in liquidation) (HCMP 1391/2014), the Hong Kong Court of First Instance ordered a permanent stay of a company’s creditors’ voluntary winding up which has technically been going for 25 years, and in so doing reminded us of the applicable principles and the fact sensitive nature of such applications.

Background

In the recent case of In re Shiamas International Limited (HCCW 80/2014), the Hong Kong Court of First Instance refused to stay a winding-up petition on the ground of a pending appeal from a decision of the Paris Court of Appeal to the French Court of Cassation.  This case is a timely reminder of the difficulties in obtaining a stay of a winding-up petition, the applicable principles and shows that the Court is willing to allow some flexibility.

Background

The recent case of The Joint Official Liquidators of A Company v B and Another has confirmed that a liquidator of a foreign company can seek the Hong Kong Companies Court’s assistance by applying for orders for the production of information and documents without the need to also apply to wind up that company in Hong Kong.

Background

The case of Highmax Overseas Ltd v Chau Kar Hon Quinton considers the interaction of two issues very relevant to trustees (particularly trustees of trust funds including company shares):Beddoe applications and Bartlett clauses. Reported Court decisions on both issues are thin on the ground, so this case provides helpful insight.

One of the recent hot topics in the European restructuring market has been whether the UK Courts would sanction a scheme of arrangement in relation to a foreign company, with no previous connection to the UK whatsoever, where the sole basis for establishing jurisdiction to undertake the scheme would be amending the governing law and jurisdiction clauses of the company’s principal finance documents to English law.