Re Hsin Chong Construction Co Ltd (No 4)[2021] 5 HKLRD 489, [2021] HKCFI 3451

Re Ho Suet Hung[2021] HKCFI 3836

A bankruptcy order was made against the Bankrupt on 16 October 2018. Upon the consent of the Official Receiver, being the provisional trustee, the Bankrupt opened a bank account at Standard Chartered Bank (“SCB Account”) to receive her monthly salary. The Trustees were subsequently appointed whereupon the OR ceased to be provisional trustee.

With the Commercial Rent (Coronavirus) Bill having received Royal Assent, Penningtons Manches Cooper’s real estate litigation team sets out below an overview of the restrictions now coming into force.

There are restrictions on the service of statutory demands and winding-up petitions where a debtor company is unable to pay sums claimed due to coronavirus, which are due to expire on 31 March 2022.

Re Samson Paper Holdings Ltd[2021] 5 HKLRD 286

The Company convened a meeting of unsecured creditors for considering and approving a proposed scheme (“Scheme”) of arrangement restructuring the Company’s unsecured debt. The statutory majority required by section 674 of the CO was obtained and the Company issued a petition seeking the court’s sanction of the Scheme.

Excellent Asia (BVI) Ltd v Mas Media Group Ltd[2021] HKCFI 3605

In March 2020, the Petitioner presented a petition to wind up the Respondent company, which is incorporated in the Cayman Islands, on the ground of insolvency.

Failing to state in the Petition how the three core requirements are satisfied, the Petitioner subsequently took out a summons seeking to introduce a re-amendment to assert matters that are capable of satisfying the three core requirements.

With the Commercial Rent (Coronavirus) Bill (the Bill) now in its final stages, Penningtons Manches Cooper’s real estate litigation team sets out below an overview of the new restrictions that will come into force when the Bill is given Royal Assent.

Current restrictions

It may first be beneficial to review the current moratorium that is in place. The majority of these restrictions expire on 25 March 2022 and the insolvency restrictions expire on 31 March 2022 but, until those dates, the following apply:

Superpark Oy v Superpark Asia Group Pte Ltd and others[2021] SGCA 8

The Financial Conduct Authority v Carillion Plc[2021] EWHC 2871 (Ch)

The Respondent company was put into compulsory liquidation on 15 January 2018 and the Official Receiver was appointed as the liquidator.

Section 130(2) of the UK Insolvency Act (which is in the same wordings as section 186 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)) provides that:

Silver Starlight Limited v China CITIC Bank Corporation Limited, Tianjin Branch &Others[2021] HKCA 1248

Re Hsin Chong Construction Co., Ltd.[2021] HKCFA 14

The Company and Build King Construction Limited (“Build King”) entered into a joint venture agreement (the “JV Agreement”) in November 2013 to form and operate a joint venture (the “JV”). The JV was subsequently awarded a government contract for a major project in June 2016 with the Company taking a 65% interest and Build King the remaining 35%.