1. The CMS Law-Now article “Arbitration agreement does not prevent winding up petition” updated the position in England & Wales following the Privy Council decision in Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16 (“Sian”).

The Act, which received Royal Assent as long ago as 25 March 2010, is finally due to come into force on 1 August 2016. It has the intention of allowing third parties to make claims directly against liability insurers in insolvency situations.

1930 Act

Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).  The records indicate that the Winding-up Petition was presented by the company itself rather than a creditor.  This is consistent with the steps taken by other companies within the OW Bunker group to seek Court protection.

We are receiving numerous enquiries regarding the fallout from the bankruptcy of OW Bunker A/S and certain associated companies.  At this stage, some companies are in formal bankruptcy proceedings, with the Court protection that usually entails, but others are not.