Introduction

In the recent case of Re LDK Solar Co Ltd,⁽¹⁾Justice Lam considered the approach that the court should take in deciding whether to invoke its jurisdiction to approve an arrangement or compromise between a foreign company and its creditors or members.

While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas. As more and more businesses expand globally and corporate structures become equally more complex, the liquidators’ task becomes more problematic in winding up such companies.

Introduction

While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas. As more and more businesses expand globally and corporate structures become equally more complex, the liquidators' task becomes more problematic in winding up such companies.

Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).  The records indicate that the Winding-up Petition was presented by the company itself rather than a creditor.  This is consistent with the steps taken by other companies within the OW Bunker group to seek Court protection.

第一部分：向香港特别行政区和中国内地客户介绍孤儿SPV打包重组交易

Part 1: Introduction to orphan SPV repackaging transactions for Hong Kong SAR and Mainland China clients

This article was written by Richard Mazzochi, Minny Siu, Angus Sip and Ryan Iskandar

With growing competition and global market uncertainties in recent years, businesses may experience operational and financial challenges, resulting in debt defaults. A creditor is entitled to petition for the bankruptcy and liquidate the debtor’s assets in order to try to achieve a maximum recovery. Statistics published by the Official Receiver’s Office noted 7,062 petitions for compulsory liquidation and bankruptcy between January and October 2019. In this client alert, we discuss two significant and recent judgments in respect of insolvency law given by the Hong Kong* courts.

近年市场竞争及经营环境不确定性持续增加的情况下，不少企业有可能面临营运及财务困难，导致债务违约的情况有上升的趋势。如果债务人资不抵债，债权人有权利用破产清盘的程序接管债务人的资产并尽量实现回收最大化。根据香港*破产管理署公布的统计数字，在2019年1月至10月期间，强制公司清盘案及破产案呈请的数字达到7,062宗。我们藉此介绍近期香港法院就破产清盘颁发的两个重要判决。

1. 仲裁协议的存在是否会影响破产清盘程序的开展？

香港上诉法院近期在But Ka Chon v Interactive Brokers LLC [2019] HKCA 873一案中，考虑了债权相关的合同中约定有仲裁条款管辖的情况下，债权人利用法院破产清盘程序的权利会否受限。由于很多的商业协议均载有仲裁条款，法院的判决对债权人的权利及可采取的救济手段有重要意义。

在该案中，上诉人（证券公司客户，即债务人）与被上诉人（证券公司，即债权人）签订的客户协议约定双方之间的争议以仲裁解决。由于上诉人没有偿还保证金账户的欠款，债权人在香港法院申请上诉人破产。上诉人以双方已经约定仲裁为其中一个理由，请求上诉法院撤销债权人发出的法定偿债书。

近年市场竞争及经营环境不确定性持续增加的情况下，不少企业有可能面临营运及财务困难，导致债务违约的情况有上升的趋势。如果债务人资不抵债，债权人有权利用破产清盘的程序接管债务人的资产并尽量实现回收最大化。根据香港破产管理署公布的统计数字，在2019年1月至10月期间，强制公司清盘案及破产案呈请的数字达到7,062宗。我们藉此介绍近期香港法院就破产清盘颁发的两个重要判决。

1. 仲裁协议的存在是否会影响破产清盘程序的开展？

香港上诉法院近期在But Ka Chon v Interactive Brokers LLC [2019] HKCA 873一案中，考虑了债权相关的合同中约定有仲裁条款管辖的情况下，债权人利用法院破产清盘程序的权利会否受限。由于很多的商业协议均载有仲裁条款，法院的判决对债权人的权利及可采取的救济手段有重要意义。

在该案中，上诉人（证券公司客户，即债务人）与被上诉人（证券公司，即债权人）签订的客户协议约定双方之间的争议以仲裁解决。由于上诉人没有偿还保证金账户的欠款，债权人在香港法院申请上诉人破产。上诉人以双方已经约定仲裁为其中一个理由，请求上诉法院撤销债权人发出的法定偿债书。

Consider this situation: a dispute has arisen between two parties in relation to an agreement which is subject to an arbitration clause. Separately, a winding up application has been made against one of the parties to the arbitration in the jurisdiction in which it is incorporated. An arbitral award is obtained against the potentially insolvent company. That company has assets in Hong Kong, against which the creditor is now seeking to enforce their rights.