Introduction
Systemic challenges
Other challenges
Suggestions on way forward

Introduction

Introduction
Insolvency resolution
Companies Act 2013
Comment

Introduction

Introduction

In the recent case of Chau Cheok Wa v CT Environmental Group Ltd [2021] HKCFI 2602, the Court of First Instance (“Court”) reiterated that for appointment of provisional liquidators pending determination of a winding-up petition, an applicant must establish that there is a good prima facie case for winding-up order at the hearing of the petition and it is right that a provisional liquidator should be appointed in light of the circumstances of the case.

Background

Decision
Comment

Following several civil appeals, the Supreme Court has decided in its final order and judgment dated 13 September 2021 (the judgment) whether a resolution plan that has already been approved by the requisite majority of the committee of creditors (CoC) and that is pending the approval of the adjudicating authority can be modified or withdrawn by a resolution applicant under the Insolvency and Bankruptcy Code 2016 (the Code).

Introduction
What is PPIRP?
PPIRP benefits
Making PPIRP more effective

Introduction

Introduction

In the recent case of Re Grand Peace Group Holdings Ltd [2021] HKCFI 2361, which concerns the winding-up of a foreign incorporated listed company, the Court of First Instance revisited the 2^nd core requirement and considered whether the possibility of the court making an order to compel the directors of the company to execute the documents necessary for the liquidators to take control of the company’s BVI subsidiaries would be sufficient to be considered as a real possibility of benefit to the petitioner.

Introduction
IBC in 2021
Comment

Introduction

簡介

我們於7月的清盤及重組文章中，介紹了中國最高人民法院（「最高人民法院」）與香港律政司司長於2021年5月14日簽署《最高人民法院與香港特別行政區政府關於內地與香港特別行政區法院相互認可和協助破產程序的會談紀要》（「合作機制」），當中訂明了香港法院與深圳、上海及廈門三個試點地區的中級人民法院相互認可破產的程序和人員安排的具體程序。

Introduction

When the Petitioner issued the petition to wind up the Company on 12 January 2021, the Company was already subject to another winding up petition in HCCW 410/2019 and the Petitioner was aware of the first petition. The Court reiterated that a creditor should not issue a petition if a petition has already been issued against the relevant debtor company. The Petitioner argued that there are exceptional circumstances, which justified the second petition: Re China Greenfresh Group Co Ltd [2021] HKCFI 36. It was said that the progress of the first petition was dilatory.