Fulltext Search

The latest piece in the jigsaw of Hong Kong's corporate winding-up regime is the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 ("Amendment Ordinance"), which enters into legal effect as of today, 13 February 2017.

Introduction

On November 8 2016 Parliament adopted the Sapin II Act to promote:

  • transparency;
  • the fight against corruption; and
  • the modernisation of the economy.

The act authorises the government to make decisions regarding legislative matters, including with regard to clarifying and modernising the status of security agents and their role in restructurings.

It has been just over two months since one of South Korea's largest shipowners and operators, Hanjin Shipping Co Ltd (“Hanjin”), applied for court rehabilitation. On 1 September 2016, the Bankruptcy Division 6 of the Seoul Central District Court (the “court”) issued a decision accepting that application and commencing rehabilitation proceedings.

Privy Council considers entitlement to costs of preparing to comply with a third party disclosure order

The UAE government has issued Federal Decree Law No. 9 of 2016 on Bankruptcy (the New Law). The New Law was published in the Official Gazette with a publication date of 29 September 2016 and will come into force three months later on 29 December 2016.

Key Points

A company in liquidation appealed against a decision that its claim against the directors, for breach of fiduciary or statutory duty in relation to distribution in specie of the claimant company’s shareholding in another company, was time-barred.

A summary of recent developments in insurance, reinsurance and litigation law.

This Week's Caselaw

Essar v Norscot: Court confirms that arbitrators can award the costs of litigation funding/time limits for challenging a corrected award

https://www.lawtel.com/UK/FullText/AC9402034QBD(Comm).pdf

The fact that the receiver appointed for Hanjin, Mr Tai-Soo Suk, quickly took steps to extend to the UK the protection afforded by the Korean rehabilitation proceedings, was of little surprise, as England is likely to be the forum where the majority of creditors will have to bring proceedings to recover debts or claim damages for breach of contract.