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Moving in unity - Hong Kong court does away with deed of contribution requirement in sanctioning guarantor's scheme
2022-12-08

In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme company.

A going concern

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells
Authors:
Jonathan Leitch , Carol Hartopp , Wei Lun Koh , Nigel Sharman
Location:
Hong Kong
Firm:
Hogan Lovells
View Original Article
Commencing proceedings against a company in liquidation - Abraaj Investment Management Limited (In Official Liquidation) - [FSD 111 of 2018 - (RMJ)]
2022-06-13

When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.

Filed under:
Hong Kong, United Arab Emirates, Insolvency & Restructuring, Litigation, Walkers
Authors:
Cate Barbour , Luke Petith , Carly Kilshaw , Michael Testori , Tania Diab , Colette Wilkins
Location:
Hong Kong, United Arab Emirates
Firm:
Walkers
View Original Article
Moving in unity - Hong Kong court does away with deed of contribution requirement in sanctioning guarantor's scheme
2022-12-08

In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme company.

A going concern

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells
Authors:
Jonathan Leitch , Carol Hartopp , Wei Lun Koh , Nigel Sharman
Location:
Hong Kong
Firm:
Hogan Lovells
View Original Article
Commencing proceedings against a company in liquidation - Abraaj Investment Management Limited (In Official Liquidation) - [FSD 111 of 2018 - (RMJ)]
2022-06-13

When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.

Filed under:
Hong Kong, United Arab Emirates, Insolvency & Restructuring, Litigation, Walkers
Authors:
Cate Barbour , Luke Petith , Carly Kilshaw , Michael Testori , Tania Diab , Colette Wilkins
Location:
Hong Kong, United Arab Emirates
Firm:
Walkers
View Original Article
Moving in unity - Hong Kong court does away with deed of contribution requirement in sanctioning guarantor's scheme
2022-12-08

In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme company.

A going concern

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells
Authors:
Jonathan Leitch , Carol Hartopp , Wei Lun Koh , Nigel Sharman
Location:
Hong Kong
Firm:
Hogan Lovells
View Original Article
Commencing proceedings against a company in liquidation - Abraaj Investment Management Limited (In Official Liquidation) - [FSD 111 of 2018 - (RMJ)]
2022-06-13

When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.

Filed under:
Hong Kong, United Arab Emirates, Insolvency & Restructuring, Litigation, Walkers
Authors:
Cate Barbour , Luke Petith , Carly Kilshaw , Michael Testori , Tania Diab , Colette Wilkins
Location:
Hong Kong, United Arab Emirates
Firm:
Walkers
View Original Article
Moving in unity - Hong Kong court does away with deed of contribution requirement in sanctioning guarantor's scheme
2022-12-08

In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme company.

A going concern

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells
Authors:
Jonathan Leitch , Carol Hartopp , Wei Lun Koh , Nigel Sharman
Location:
Hong Kong
Firm:
Hogan Lovells
View Original Article
Commencing proceedings against a company in liquidation - Abraaj Investment Management Limited (In Official Liquidation) - [FSD 111 of 2018 - (RMJ)]
2022-06-13

When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.

Filed under:
Hong Kong, United Arab Emirates, Insolvency & Restructuring, Litigation, Walkers
Authors:
Cate Barbour , Luke Petith , Carly Kilshaw , Michael Testori , Tania Diab , Colette Wilkins
Location:
Hong Kong, United Arab Emirates
Firm:
Walkers
View Original Article
Moving in unity - Hong Kong court does away with deed of contribution requirement in sanctioning guarantor's scheme
2022-12-08

In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme company.

A going concern

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells
Authors:
Jonathan Leitch , Carol Hartopp , Wei Lun Koh , Nigel Sharman
Location:
Hong Kong
Firm:
Hogan Lovells
View Original Article
Commencing proceedings against a company in liquidation - Abraaj Investment Management Limited (In Official Liquidation) - [FSD 111 of 2018 - (RMJ)]
2022-06-13

When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.

Filed under:
Hong Kong, United Arab Emirates, Insolvency & Restructuring, Litigation, Walkers
Authors:
Cate Barbour , Luke Petith , Carly Kilshaw , Michael Testori , Tania Diab , Colette Wilkins
Location:
Hong Kong, United Arab Emirates
Firm:
Walkers
View Original Article

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