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    Would the Court wind up a foreign company which has already been wound up in its place of incorporation?
    2023-03-31

    Introduction

    The statutory jurisdiction of Hong Kong Courts to wind up a foreign-incorporated company in Hong Kong is subject to self-imposed restraints that have been articulated as the “three core requirements” which must be satisfied before the court would exercise that jurisdiction.

    In the recent case of Re Guoan International Ltd[2023] HKCU 939, the Court of First Instance (“CFI”) considered whether to wind up a foreign-incorporated company which has already been wound up by the court in its place of incorporation.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Eric Woo
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    法院会否将已在注册地点清盘的外国公司清盘?
    2023-03-31

    简介

    香港法院在香港将外国注册公司清盘的法定司法管辖权,受到法院自设的限制所规限;该等限制被称为法院行使上述司法管辖权之前所须符合的三大核心要求。

    最近在Re Guoan International Ltd[2023] HKCU 939一案中,原讼法庭(「原讼庭」)需考虑是否将一间已被其注册地点的法院清盘的外国注册公司清盘。

    案情

    国安国际有限公司(「该公司」)的债权人Road Shine Developments Limited(「呈请人」)于2022年12月2日向香港法庭提出呈请,请求发出将该公司清盘的附属命令。该公司于开曼群岛注册成立,于2022年2月28日被开曼群岛大法院清盘,而袁子俊先生及Martin Trott先生于同日获委任为其清盘人(「共同清盘人」)。反对呈请的债权人Chong Chin先生及Yao Sze Ling女士(统称「反对债权人 」)基于两个主要理由反对呈请:

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Eric Woo
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Appropriate contempt sentence for failing to produce documents
    2023-03-28
    • Introduction
    • Background
    Filed under:
    Hong Kong, Compliance Management, Construction, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, Bankruptcy, Contempt of court, Costs, Court of First Instance (Hong Kong)
    Authors:
    Jennifer Leung , David Smyth
    Location:
    Hong Kong
    Firm:
    Reynolds Porter Chamberlain
    債權人可否基於復還不當得利的申索提出破產呈請?
    2023-02-28

    簡介

    英國和香港的法例均規定,債權人只可以就其應獲支付的算定金額提出破產呈請,但相關法例條文並無界定何謂「算定金額」(liquidated sum)。在Re Dusoruth (a bankrupt) Dusoruth v Orca Finance UK Ltd (in liquidation) [2022] EWHC 2346 (Ch) 一案中,英格蘭及威爾斯商業及財產法庭(「法院」)澄清,復還不當得利的申索不論如何確切,仍不能被視為算定金額,因此不能成為破產呈請的依據。

    背景

    申請人是一名商人,亦是在英國、英屬維爾京群島及馬爾他等多個司法管轄區註冊的多間公司的最終擁有人。他以其中一家公司進行欺詐,遊說富戶投資,然後透過無抵押貸款將資金轉移到他控制的其他公司。申請人被他其中一間正在清盤的公司(「答辯人」)基於以下債務提出破產呈請(「該破產呈請」),並於2020年11月被判定破產:

    1.從答辯人的銀行帳戶支付,用於清償申請人的個人信用卡帳單的361,899.73歐元;及

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, ONC Lawyers, Insolvency Act 1986 (UK)
    Authors:
    Eric Woo
    Location:
    Hong Kong, United Kingdom
    Firm:
    ONC Lawyers
    Can a creditor present bankruptcy petition based on a claim for restitution for unjust enrichment?
    2023-02-28

    Introduction

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, ONC Lawyers, Insolvency Act 1986 (UK)
    Authors:
    Eric Woo
    Location:
    Hong Kong, United Kingdom
    Firm:
    ONC Lawyers
    债权人可否基于复还不当得利的申索提出破产呈请?
    2023-02-28

    简介

    英国和香港的法例均规定,债权人只可以就其应获支付的算定金额提出破产呈请,但相关法例条文并无界定何谓「算定金额」(liquidated sum)。在Re Dusoruth (a bankrupt) Dusoruth v Orca Finance UK Ltd (in liquidation) [2022] EWHC 2346 (Ch) 一案中,英格兰及威尔斯商业及财产法庭(「法院」)澄清,复还不当得利的申索不论如何确切,仍不能被视为算定金额,因此不能成为破产呈请的依据。

    背景

    申请人是一名商人,亦是在英国、英属维尔京群岛及马尔他等多个司法管辖区注册的多间公司的最终拥有人。他以其中一家公司进行欺诈,游说富户投资,然后透过无抵押贷款将资金转移到他控制的其他公司。申请人被他其中一间正在清盘的公司(「答辩人」)基于以下债务提出破产呈请(「该破产呈请」),并于2020年11月被判定破产:

    1.从答辩人的银行帐户支付,用于清偿申请人的个人信用卡帐单的361,899.73欧元;及

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, ONC Lawyers, Insolvency Act 1986 (UK)
    Authors:
    Eric Woo
    Location:
    Hong Kong, United Kingdom
    Firm:
    ONC Lawyers
    Liquidators Beware: an Alternative to Quincecare
    2023-02-16

    The Quincecare duty has become a popular tool for companies (or their liquidators) to claim against banks for funds misappropriated on wrongful payment instructions. It requires a bank to refrain from executing a payment order if and for so long as it was put on inquiry by having reasonable grounds for believing that the order was an attempt to misappropriate funds.

    Filed under:
    Hong Kong, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Conyers, UK Supreme Court, Court of Final Appeal (Hong Kong)
    Authors:
    Norman Hau , Manwa Yip
    Location:
    Hong Kong, United Kingdom
    Firm:
    Conyers
    Hong Kong Airlines Restructuring: Parallel English Plan and Hong Kong Scheme
    2023-02-13

    Battered by the COVID-19 pandemic and the decline in passengers travelling to Hong Kong, Hong Kong Airlines (HKA) has become the latest carrier to undergo a debt restructuring. Its restructuring plan was sanctioned by the English court on 9 December 2022 and its scheme of arrangement was sanctioned by the Hong Kong court on 14 December 2022.

    In summary:

    Filed under:
    Hong Kong, Aviation, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus, Aon, Companies Ordinance (2013/622) (Hong Kong)
    Authors:
    Hannah Davies , Alexandra Wood , John M. Marsden , Richard J. I. Stock , Jane H. S. Man
    Location:
    Hong Kong
    Firm:
    Mayer Brown
    法院在甚么情况下会认许债务偿还安排?
    2023-01-31

    简介

    一间公司陷入财政困难时,其中一个重组债务的方法是与债权人订立债务偿还安排(scheme of arrangement)。根据香港法例第622章《公司条例》第673条,法院有权认许债务偿还安排。经法院认许的债务偿还安排将对公司及拟订立该安排的债权人或类别债权人具有约束力。

    最近在Re Hong Kong Airlines Limited(香港航空有限公司) [2022] HKCFI 3792一案中,法院需考虑是否认许香港一间大型航空公司提出的债务偿还安排计划。

    案情

    香港航空有限公司(「该公司」)是一间提供客货空运以及其他航空相关服务的香港公司。由于新冠病毒疫情对航空业界造成严重打击,该公司的现金流周转不灵,合共欠债约490亿港元。除非该公司能将现时债务重组,否则很可能清盘。

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Companies Ordinance (2013/622) (Hong Kong), Court of First Instance (Hong Kong)
    Authors:
    Ludwig Ng , Eric Woo
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    In what circumstances will the Court sanction a scheme of arrangement?
    2023-01-31

    Introduction

    When a company encounters financial difficulty, one of the ways to restructure its debts is by entering into a scheme of arrangement with its creditors. Under section 673 of the Companies Ordinance (Cap. 622), the Court may sanction a scheme of arrangement. The sanctioned scheme will be binding on the company and the creditors or class of creditors with whom the arrangement is proposed to be entered into.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Companies Ordinance (2013/622) (Hong Kong), Court of First Instance (Hong Kong)
    Authors:
    Ludwig Ng , Eric Woo
    Location:
    Hong Kong
    Firm:
    ONC Lawyers

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