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In our last blogpost (here) we reported how the court had, for the first time, exercised its power under s. 901C(4) Companies Act 2006 to exclude a company’s members and all but one class of its creditors from voting on a restructuring plan under Part 26A. The facts of this case are set out in more detail in that blogpost.

Summary

For the first time, the court has exercised its power under s. 901C(4) Companies Act 2006 to exclude a company’s members and all but one class of its creditors from voting on a restructuring plan under Part 26A. The court was satisfied that only one class of creditors had a genuine economic interest in the company and noted that “this was not a marginal case”.

Key drivers for the court’s decision (see more detail below) were:

The National Security and Investment Act 2021 (the Act) comes into force on 4 January 2022. The Act sets out the UK’s new national security screening regime. The Act replaces, and significantly extends, the UK government’s power to investigate and intervene in transactions which pose, or could pose, threats to the UK’s national security (see our earlier related blog post).

A new Act, which received Royal Assent on 15 December 2021, extends the existing directors’ disqualification regime to the directors of dissolved companies.

簡介

最近在Re Hsin Chong Construction Co., Ltd. [2021] HKCFA 14一案中,終審法院推翻了原訟法庭及上訴法庭(「上訴庭」)的裁決。與上訴庭及原訟法庭的裁決相反,終審法院裁定,於新昌開始清盤後出售其在合營協議項下剩餘權利及權益的交易是無效的。

背景

新昌營造廠有限公司(「該公司」)及Build King Construction Limited(「Build King」)於2013年11月訂立一份合營協議(「合營協議」),以成立及經營一間合營公司(「合營公司」)。合營公司於2016年6月獲得一項大型政府項目合約,其中該公司佔65% 權益,Build King佔餘下35% 權益。

該公司於2017/2018年度開始面臨財政困難。2018年8月27日,該公司被入稟清盤,導致該公司的銀行帳戶被凍結。

Introduction

In the recent case of Re Hsin Chong Construction Co., Ltd. [2021] HKCFA 14, the Court of Final Appeal (“CFA”) overturned the decisions of the Court of First Instance and the Court of Appeal (“CA”) below. The CFA found, contrary to the CA and Court of First Instance, that the disposition of Hsin Chong’s residual rights and interests under a joint venture agreement after the commencement of winding up was void.

Background

简介

最近在Re Hsin Chong Construction Co., Ltd. [2021] HKCFA 14一案中,终审法院推翻了原讼法庭及上诉法庭(「上诉庭」)的裁决。与上诉庭及原讼法庭的裁决相反,终审法院裁定,于新昌开始清盘后出售其在合营协议项下剩余权利及权益的交易是无效的。

背景

新昌营造厂有限公司(「该公司」)及Build King Construction Limited(「Build King」)于2013年11月订立一份合营协议(「合营协议」),以成立及经营一间合营公司(「合营公司」)。合营公司于2016年6月获得一项大型政府项目合约,其中该公司占65% 权益,Build King占余下35% 权益。

该公司于2017/2018年度开始面临财政困难。2018年8月27日,该公司被入禀清盘,导致该公司的银行帐户被冻结。

In August 2021, Sir Alistair Norris sanctioned the restructuring plan of Amicus Finance PLC (Amicus) (as we wrote about at the time). On 15 November 2021, the judge handed down his reasoning for sanctioning the plan.

Background

Introduction

In the recent case of Chau Cheok Wa v CT Environmental Group Ltd [2021] HKCFI 2602, the Court of First Instance (“Court”) reiterated that for appointment of provisional liquidators pending determination of a winding-up petition, an applicant must establish that there is a good prima facie case for winding-up order at the hearing of the petition and it is right that a provisional liquidator should be appointed in light of the circumstances of the case.

Background