Successful outcomes for clients seeking to obtain winding up orders against foreign companies with local agents. The case summaries below, of Re Anagram International LLC (recs and mgrs apptd) [2025] VSC 267 and the earlier matter of W Capital Advisors Pty Ltd (in its capacity as trustee for the W Capital Advisors Fund) v Mawson Infrastructure Group, Inc (NSD1395/2024), provide guidance on how parties can best position themselves for success in these circumstances.
Relevant Law
Welcome to the latest edition of the Financial Regulation Weekly Bulletin.
If you would like to discuss in more detail, please contact your relationship partner or email one of our Financial Regulation team.
Developments this week are in relation to:
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As 2025 draws to a close, this newsletter reviews key developments that have shaped the commercial disputes landscape over the past year and offers our views on significant English court decisions. We then look ahead to the trends likely to define 2026. We also reflect on another productive and successful year for Hausfeld’s Commercial Disputes team.
HOW DID 2025 CHANGE THE LEGAL LANDSCAPE?
Financial services
Aquapoint LP v Fan [2025] UKPC 56
Introduction
For reasons explained in this blog, they did not in the case of Conway and others v Plass and others [2025] EWHC 2625 (Ch) but there could be situations where it might.
In Conway and others v Plass and others, the High Court has provided guidance on when contract liabilities incurred by administrators will be treated as administration expenses under the Lundy Granite principle.
Factual Background
Overview
In a recent judgment in Target Insurance Company Limited v Nerico Brothers Limited & Lee Cheuk Fung Jerff [2025] HKCA 1024 the Court of Appeal has clarified that a director can be made personally liable for the costs incurred by a company under their control and that unreasonably opposes its winding up.
Background
Introduction
On 12 November 2025, the Federal Court delivered an important judgment that brings much-needed clarity to the powers, responsibilities, and protections available to liquidators acting under the Companies Act 2016 ("CA 2016").
The decision provides authoritative guidance on what constitutes "costs and expenses of winding up" under section 527(1)(a), and on the high threshold applicable to efforts to remove or sue a liquidator.
Brief background
In UK venture deals, investors often negotiate the right to appoint a director to the company’s board (as a rule of thumb, an investor with 5% to 10% or more of the company might ask for board rights). On paper, it makes sense, giving a seat at the table, direct access to management, and visibility on key decisions. But before taking that seat, we often advise investors to ask themselves: is it worth the hassle?
2025년 9월 12일, 중국 전국인민대표대회 상무위원회에 <기업파산법>의 개정안, 즉 <기업파산법(의견수렴안)>(이하 “<개정 초안>”)이 제출되었고, 2025. 10. 11.까지 의견 수렴 절차를 거쳤습니다. <개정 초안>은 2007년 <기업파산법>이 시행된 이후 약 18년 만에 이루어지는 전면 개정으로, 총 16장 216조로 구성되어 있습니다. 이번 개정은 파산제도의 실무적 효율성을 높이고, 개인 주주까지 절차의 범위를 확장하며, 경영진의 책임을 강화하는 데 중점을 두었습니다.
과거에는 중국에서 외상투자기업이 파산 절차를 활용하는 것이 현실적으로 어려웠습니다. 그러나 2018년 일반 외상투자기업의 파산에 대한 사전 승인 제도가 취소됨에 따라 외상투자기업의 파산 사례가 점차 증가하고 있습니다. 최근 매각이 어려운 기업의 경우 중국 시장에서의 철수를 모색하는 방안 중 하나로 파산 절차가 활용되고있습니다. 이번 개정은 중국 내에서 사업을 영위하거나 철수를 검토 중인 외국계 기업에도 실질적인 영향을 미칠 것으로 예상됩니다.