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    Gall Advises on the Restructuring of the Century Sunshine Group
    2023-08-18

    The Insolvency Team at Gall continues to advise Century Sunshine Holdings Group Limited (Stock Code: 509) (the “Company”) on its debt restructuring and has successfully secured sanction of a Hong Kong scheme of arrangement (the “Hong Kong Scheme”) (as part of parallel schemes of arrangement in Hong Kong and Singapore).

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Gall
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    Hong Kong
    Firm:
    Gall
    Winding-up a Foreign Incorporated Company in Hong Kong - Nature of Benefits Conferred by a Winding Up Order
    2022-06-15

    Case Background 

    14th June, 2022 -The Court of Final Appeal (“CFA”) handed down a judgment inShandong Chenming Paper Holdings Limited v Arjowiggins HKK 2 Limited [2022] HKCFA 11 (“CFA Decision”) yesterday, ruling on the nature of benefits conferred by a winding up order required to wind up a foreign incorporated company. 

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Gall
    Authors:
    Kenix Yuen
    Location:
    Hong Kong
    Firm:
    Gall
    香港法院首次认可中国内地的重整程序
    2021-11-07

    香港法院首次认可并协助在内地启动并由内地法院指定破产管理人的破产程序案件是Re CEFC Shanghai International Group Limited [2020] HKCFI 167。随着破产重整制度的最新发展,香港法院在 Re HNA Group Co Limited [2021] HKCFI 2897案件中进一步加强跨境重整合作,夏利士法官亦首次认可内地的重整程序 (“裁决”)。

    背景

    在中国海南注册成立的海航集团有限公司 (“公司”) 是海航集团的控股公司。作为一家业务多元化的国内企业集团,海航集团投资组合涵盖航空、房地产、旅游和金融服务等领域。尽管它曾一度是世界上最活跃的投资集团之一,该集团在 2021 年因债务重整失败而宣布破产,陷入了危机。海南银行以公司资不抵债为由向海南省高级人民法院 (“海南法院”) 申请了破产重整。

    根据《企业破产法》及最高人民法院的规定,海南法院于2021年2月10日颁发了重整命令 (“海南命令”)。管理人员,包括北京律师和海南省法制办公室的一名官员,被任命为清算管理人。同一命令规定公司集团的某些成员可以在管理人的监视权力下继续管理其资产和业务。

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Gall, Bankruptcy
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    China, Hong Kong
    Firm:
    Gall
    Hong Kong Court Recognises Mainland Chinese Reorganisation Proceedings for the First Time
    2021-11-08

    The very first case that the Hong Kong Court recognised and granted assistance to bankruptcy administrators appointed by the Mainland Chinese courts in insolvency proceedings commenced in Mainland China in Re CEFC Shanghai International Group Limited [2020] HKCFI 167. Following the latest developments in the insolvency and restructuring regime, the Hong Kong Court has made further strides towards the enhanced cross-border restructuring cooperation in Re HNA Group Co Limited [2021] HKCFI 2897, in which the Honourable Mr.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Gall, Bankruptcy
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    Hong Kong
    Firm:
    Gall
    A new chapter in cross-border insolvency: the first application by Hong Kong liquidators for recognition and assistance in Mainland China
    2021-08-23

    On 14 May 2021, a cooperation mechanism was established between the Mainland and Hong Kong in the form of the Record of Meeting of the Supreme People's Court and the Government of the Hong Kong Special Administrative Region and Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Court of the Mainland and the Hong Kong Special Administrative Region and the Supreme People’s Court’s Opinion on taking forward a pilot measure in relation to Recognition and Assistance to Bankruptcy (Insolvency) Proceedings in the Hong Kong Special Administrative Re

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Gall
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    China, Hong Kong
    Firm:
    Gall
    Reconsidering the need for parallel schemes of arrangement
    2021-06-22

    The cautious and prudent approach for distressed companies pursuing a Hong Kong scheme of arrangement is to simultaneously pursue a parallel scheme in their home jurisdiction, even if most if not all of its debts are governed by Hong Kong laws.  The rationale is to prevent hostile creditors from disrupting the implementation of the scheme in another jurisdiction, thereby better insulating the distressed company.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Gall
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    Hong Kong
    Firm:
    Gall
    避免个人责任——濒临无力偿债境况的公司董事须知
    2020-05-08

    对董事们而言,公司清盘可能是其以往不法行为报应不爽的审判日。如果无力偿债山雨欲来,有一些事项董事们应牢记在心,以免在无力偿债境况已不可避免时承担个人责任。

    不公平优先权

    有关不公平优先权的规定,可参见《公司(清盘及杂项条文)条例》第 266、266A 和 266B 条(第32章)(简称“条例)。下列情况均构成公司对某人给予不公平优先权:

    1. 此人为公司的债权人,或者是公司债务或负债的保证人或担保人;
    2. 因为诉讼,此人所处境地优于假如公司进行清算的情况;以及
    3. 公司有意让此人处于更优处境。请注意,如果对公司的合伙人给予不公平优先权,则对此意愿的推定将可以辩驳。

    如果 (1) 在清盘即将启动之前的两年内对公司合伙人(如董事、影子董事或公司的其他高管),或是 (2) 在清盘启动之日前的六个月内对与公司无关联者给予不公平优先权,则构成不公平优先权的交易将作废,并可被法院命令搁置,从而将公司恢复到给予该不公平优先权之前的状态。

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Gall
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    Hong Kong
    Firm:
    Gall
    Avoiding personal liability - the do’s and don’ts for directors of almost-insolvent companies
    2020-05-09

    For directors, the winding up of a company could be judgment day when their past misdeeds come back to haunt them. If insolvency is on the horizon, there are various matters directors should bear in mind lest incurring personal liability if insolvency becomes inevitable.

    Unfair Preference

    The rules governing unfair preference are found under sections 266, 266A, and 266B of the Companies (Winding-Up and Miscellaneous Provisions Ordinance (Cap. 32) (the “Ordinance”). A company would be deemed to have given unfair preference to a person if:-

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Gall
    Authors:
    Adriel Wong , Evelyn Chan
    Location:
    Hong Kong
    Firm:
    Gall
    At Long Last: Hong Kong’s Very Own Corporate Rescue Procedure
    2020-12-08

    The idea of reforming Hong Kong’s corporate rescue regime was first floated back in 1996.  It was introduced in the form of the Companies (Corporate Rescue) Bill 2001 but got nowhere due to differences of opinion.  This was returned to the table subsequently in 2003, 2009 and 2014, but nothing ever came to fruition. 

    Filed under:
    Hong Kong, Insolvency & Restructuring, Gall
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    Hong Kong
    Firm:
    Gall
    At Long Last: Hong Kong’s Very Own Corporate Rescue Procedure
    2020-12-08

    The idea of reforming Hong Kong’s corporate rescue regime was first floated back in 1996. It was introduced in the form of the Companies (Corporate Rescue) Bill 2001 but got nowhere due to differences of opinion. This was returned to the table subsequently in 2003, 2009 and 2014, but nothing ever came to fruition.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Gall
    Authors:
    Evelyn Chan , Adriel Wong
    Location:
    Hong Kong
    Firm:
    Gall

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