On 15 May 2023 (with Reasons for Decision delivered on 18 May 2023), the Companies Court made a winding-up order against Dangdai International Investments Ltd (當代國際投資有限公司) (“the Company”) which is in turn wholly owned by Wuhan Dangdai Science & Technology Industries (Group) Company Ltd (武漢當代科技產業集團股份有限公司) (“Wuhan Dangdai”).

The Facts – Shortly Stated

在终审法院最新颁布的 Re Guy Kwok-hung Lam[2023] HKCFA 9突破性裁决中，终审法院驳回了该案的上诉，并且在判词中就专属管辖权条款（EJC）是否对提交破产呈请有影响这一棘手问题作出裁决，平息了长期对于相关议题的争论。

简而言之，终审法院认可上诉法院大多数法官对于本案的观点，认为一般来说，如果呈请债务的基础争议受制于专属管辖权条款，除非有其他反面因素存在（例如债务人破产的风险将会影响第三方、债务人的呈请以几乎无意义的争议为基础，或者发生滥用法律程序的情况等）， 则法院应驳回该破产呈请。

终审法院在裁定中指出，当只有一名债权人提出破产呈请，而没有证据表明全体债权人都面临风险时，破产制度背后的公共政策因素的重要性则显着降低。

这一裁定反映了法院非常重视当事人自治的原则，以及当事人之间自由达成的协议。该判决将会对破产领域产生深远的影响，以及对处理清算及破产呈请中的仲裁条款产生涟漪效应。

In the latest ground breaking decision in Re Guy Kwok-hung Lam[2023] HKCFA 9, the Court of Final Appeal dismissed the appeal and laid to rest a long-standing debate on the vexing question concerning the impact, if any, exclusive jurisdiction clauses (EJCs) have on the presentation of bankruptcy petitions.

In the recent decision of Chin v Beauty Express Canada Inc. (“Chin”), the Ontario Superior Court of Justice considered the impact of an employee’s service with a prior employer on the employee’s entitlement to reasonable notice of termination.

In this Article, José-Antonio Maurellet SC (a member of DVC and an Associate Member of 3 Verulam Buildings) and Michael Lok discuss the landmark decision just handed down by the Supreme Court of the United Kingdom in BTI 2014 LLC v Sequana SA and others 

A recent decision of the Ontario Court of Appeal invalidated an arbitration and forum selection clause in a commercial agreement in favour of having a dispute between the debtor and its former customer adjudicated within a receivership proceeding.

Where a creditor’s bankruptcy petition is presented in Hong Kong, should it be allowed to proceed if the petition debt, which the debtor disputes, arises from an agreement which contains an exclusive jurisdiction clause in favour of a foreign court?

In this article, Jose Maurellet SC and Michael Lok consider a recent judgment by Aedit Abdullah J of the Singapore High Court exploring issues arising out of the Model Law, including how and when the presumptive COMI may be displaced and whether a publicly held real estate investment trust falls within the scope of COMI.

Reverse vesting orders (or “RVOs”) have become an increasingly popular and useful tool for maximizing recovery in complex insolvencies in Canada, particularly in circumstances where traditional alternatives of asset sales or restructuring plans are not effective or practical. RVOs are very attractive to purchasers of distressed businesses because they can efficiently preserve the value of permits, tax losses and other assets which cannot be easily transferred to a purchaser through an asset transaction.