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”).
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.
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Decision
Comment
Introduction
On March 1 2011 Tokyo District Court issued a decision which admitted the right of avoidance exercised by the court-appointed administrator of a corporate debtor in possession under civil rehabilitation proceedings, where the debtor company had settled a mortgage for a financing company as the real guarantor of its parent company.