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    Parting of way between shareholders - Is fighting an unfair prejudice petition to the end the only option?
    2022-03-24

    Chan Seung Bun v Wong King Fai Joe and Another[2021] HKCFI 3572

    The Company was co-founded by the petitioner Mr. Chan Seung Bun (the “Petitioner”) and the late 1st Respondent (“R1”), now represented by the joint executrices of the estate (the “Executrices”) in 2013. It was not in dispute that the Company was a quasi-partnership established based on mutual trust and confidence between the Petitioner and R1. The Company had been profitable since its establishment.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Court of Appeal: the court, assisted by the OR, exercises supervisory jurisdiction over the entire bankruptcy process, including refusing to approve an appointment of trustee
    2022-03-24

    Re Chan John Loong Fai[2021] HKCA 1834

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Singaporean Court of Appeal affirms that members’ consent is required to put a company into voluntary liquidation
    2022-03-24

    Superpark Oy v Superpark Asia Group Pte Ltd and others[2021] SGCA 8

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The English Court considered whether litigation stay on proceedings applies to regulatory action taken against a company in liquidation
    2022-03-24

    The Financial Conduct Authority v Carillion Plc[2021] EWHC 2871 (Ch)

    The Respondent company was put into compulsory liquidation on 15 January 2018 and the Official Receiver was appointed as the liquidator.

    Section 130(2) of the UK Insolvency Act (which is in the same wordings as section 186 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)) provides that:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Financial Conduct Authority (UK), Financial Services and Markets Act 2000 (UK)
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Seeking an injunction to restrain the winding-up of a foreign company in Hong Kong? The burden is high
    2022-03-24

    Silver Starlight Limited v China CITIC Bank Corporation Limited, Tianjin Branch &Others[2021] HKCA 1248

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Privatisations
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Hong Kong Court refused to stay proceedings commenced by creditors in Hong Kong despite recognition of Mainland insolvency proceedings
    2022-03-24

    Nuoxi Capital Ltd (In Liquidation in the British Virgin Islands) v Peking UniversityFounder Group Co Ltd[2021] HKCFI 3817

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Bankruptcy Order annulled for the Petitioner’s failure to satisfy the “business gateway” requirement
    2022-03-24

    Re Wang Huimin[2021] HKCFI 3472

    The Bankrupt, Madam Wang, is a Chinese citizen and holds a PRC resident identity card. She has been residing in Shanghai since she was born. The Petitioner is Madam Wang’s younger brother.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Bankruptcy
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    What is a creditor’s entitlement to vote at a creditors’ meeting where the company has a cross-claim against the creditor?
    2022-03-24

    Re Hsin Chong Construction Co Ltd (No 4)[2021] 5 HKLRD 489, [2021] HKCFI 3451

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Trustees held to have no right to compel the Bankrupt to pay any part of his/her income earned during the bankruptcy to the estate absent an income payments order
    2022-03-24

    Re Ho Suet Hung[2021] HKCFI 3836

    A bankruptcy order was made against the Bankrupt on 16 October 2018. Upon the consent of the Official Receiver, being the provisional trustee, the Bankrupt opened a bank account at Standard Chartered Bank (“SCB Account”) to receive her monthly salary. The Trustees were subsequently appointed whereupon the OR ceased to be provisional trustee.

    Filed under:
    Hong Kong, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Amendment to a scheme by the company on behalf of all scheme creditors allowed as the revised arrangement does not prejudice scheme creditors
    2022-03-24

    Re Samson Paper Holdings Ltd[2021] 5 HKLRD 286

    The Company convened a meeting of unsecured creditors for considering and approving a proposed scheme (“Scheme”) of arrangement restructuring the Company’s unsecured debt. The statutory majority required by section 674 of the CO was obtained and the Company issued a petition seeking the court’s sanction of the Scheme.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers

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