As the economic and trade exchanges between the Chinese Mainland and Hong Kong have become more frequent, in recent years the number of issues that need to be resolved through cross-border cooperation in bankruptcy cases has also increased.
Changes to the Listing Rules and further consultation on enhancing the effectiveness of the regime
Our tracker contains an overview of changes made in light of the Covid-19 outbreak which impose restrictions on creditor rights, relax debtor obligations to file for insolvency or concern other insolvency-related issues. As you will appreciate, this is a dynamic situation, and both the measures announced and applicable legal framework will continue to evolve in the coming days, weeks and months
The BVI Commercial Court (the Honourable Justice Davis-White QC [Ag]) has recently ordered the appointment of liquidators over Pacific Andes Enterprises (BVI) Limited, Parkmond Group Limited, and PARD Trade Limited (the “Companies”), three BVI incorporated companies forming a key part of the China Fishery Group.
The applications were unsuccessfully contested on the principal ground that the appointment of liquidators would irretrievably damage the prospects of a wider, global restructuring of the Pacific Andes Group.
It may now be easier for Australian insolvency practitioners to carry out investigations and recover assets located in Hong Kong and in mainland China. On 8 February 2018, and for the first time, the High Court of Hong Kong granted an application for recognition and assistance in that jurisdiction for voluntary liquidators of an entity incorporated in the British Virgin Islands.
Japan
Report published on ensuring fair and timely disclosure of information to investors. The FSA announced that the Task Force on Fair Disclosure Rule of the Working Group on Financial Markets of the Financial System Council has published the “Report - Ensuring fair and timely disclosure of information to investors.” (3/3/2017)
Hong Kong
When we began analysing in depth the possibility of Britain exiting the European Union, 18 months prior to the June 2016 referendum, the HERBERT businessSMITH FREEHILLS consensus w07as very muchSECTION TITLE that Brexit was a remote prospect that either would never happen or not matter.
Fast forward just over two years and the reality could not be more different. In this updated edition of our Brexit legal guide, we take stock of the present situation, summarising the key developments since last year's vote and what is to be expected in the months ahead. 10 33 99
SFC released consultation conclusions on supervisory assistance. The Hong Kong Securities and Futures Commission (SFC) released consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO). The amendments would provide assistance to regulators outside of Hong Kong upon request by making inquiries and obtaining certain records and documents from licensed corporations or their related corporations. The proposed supervisory assistance will be subject to both existing and new legislative safeguards.
EU (Withdrawal) Bill may be passed by UK Parliament. Its purpose is to repeal the European Communities Act 1972 and, so far as possible, import EU law that would otherwise fall away into UK law
The Construction (Retention Deposit Schemes) Bill is expected to have its second reading debate
Issue 6 | April 2017 Disputes Digest 2 | Disputes Digest Corporate counsel’s guide to the key cases of 2016 (litigation) Corporate counsel’s guide to the key cases of 2016 (arbitration) Singapore targets effi ciency in investment arbitration proceedings Does the MasterCard class action mark the dawn of a new era in UK litigation?