Introduction

When parties agree to submit disputes to arbitration there is often language defining the issues that can be determined by arbitration, such as ‘any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination’ (LCIA recommended clause). Once a dispute has arisen the exact scope of the issues before the arbitral tribunal will likely be detailed in the terms of reference or other procedural document.

The rising strength of the United Arab Emirates as a commercial powerhouse has continued as the Covid-19 pandemic recedes. The UAE was a key business hub prior to 2020, but the flow of money and talent into the country has increased since then, driven by numerous factors including the UAE’s business-friendly climate, its stable political regime, and the access to fair and transparent justice mechanisms.

The Supreme Court of New South Wales has helpfully given guidance to the liquidators of the RCR Tomlinson Group on a number of unsettled questions that have challenged insolvency practitioners (particularly liquidators of construction companies) when assessing whether certain intangible rights and assets are circulating assets.

The questions include:

Experienced insolvency practitioners in Hong Kong are all familiar with Hong Kong Court of Appeal's decision of 1 March 2006 in the liquidation of Legend International Resorts Limited1.

The Honourable Mr Justice Harris, the incumbent Companies Judge, has continued the recent development of cross-border assistance in insolvency matters. An example is his Lordship's decision in Re Centaur Litigation SPC (In Liquidation)(HCMP 3389/2015, 10 March 2016), which relates to an application by the liquidators of three companies incorporated and being wound up in the Cayman Islands.

A key factor contributing to the vitality and development of the common law is that judges can have the benefit of authorities from other jurisdictions with a comparable legal framework. This has proved and will be increasingly important in areas such as cross-border insolvency, where modified universalism has been thecatchword in recent years.

Did you know that a scheme of arrangement can be used to reduce the creditor constituency in a liquidation, so that time and costs can be saved for the benefit of all parties?

The Honourable Mr. Justice Ng of the Hong Kong High Court made an Order sanctioning a scheme of arrangement (Scheme) proposed by the Joint and Several Liquidators (Liquidators) of Lehman Brothers Asia Holdings Limited (LBAH) to be implemented between LBAH and certain of its unsecured creditors (Scheme Creditors).

Did you know that when a liquidator makes a court application, it is important to identify the appropriate applicant, not only as a procedural matter, but also from a costs perspective?

All good where the liquidator succeeds in the court application

Summary

Generally with a winding-up petition, if the petitioner is successful in obtaining a winding-up order, the petitioner will have its costs of the  proceedings. If, on the other hand, the petition is dismissed, then the petitioner has been  unsuccessful and it should pay the costs of the proceedings. We explore the Companies Court’s  treatment of costs in three recent decisions below.

From what Assets should a Petitioner have its Costs?