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    Company barred from recovering same loss as subsidiaries
    2018-10-30
    • Introduction
    • Dispute
    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC
    Authors:
    Jessica Wong , Lorcan Treacy
    Location:
    Hong Kong
    Firm:
    RPC
    U.S. Court Enjoins Asian Investor from Invoking Shareholder Purchase Rights in an Asian Joint Venture
    2018-11-01

    A U.S. Bankruptcy Court (the “Bankruptcy Court”) recently enjoined a Hong Kong-based investor from exercising its shareholder purchase rights in an Asian joint venture.[1] The Bankruptcy Court’s order also prevents the investor from proceeding with litigation to enforce its rights in a Hong Kong court. Neither of the joint venture partners, or the joint venture itself, are debtors in a domestic or foreign insolvency proceeding. Nevertheless, the Bankruptcy Court ruled that injunctive relief was warranted because the investor’s actions were disrupting a sale process for the U.S.

    Filed under:
    Hong Kong, USA, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, K&L Gates LLP, Bankruptcy
    Authors:
    Charles A. Dale III , James A. Wright III
    Location:
    Hong Kong, USA
    Firm:
    K&L Gates LLP
    Hong Kong High Court rules against Big 4 firm
    2018-11-13

    China Medical Technologies (in liquidation) (CMED), whose executives have been charged in the United States for defrauding investors out of over US$400 million, has issued a claim against 91 partners at a Big 4 firm (as well as some former partners) in relation to their work on the auditing of the company.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Reed Smith LLP
    Authors:
    Kerri Bridges , Charles Hewetson , Jane Howard , Elizabeth Mason , Laura-May Scott
    Location:
    Hong Kong
    Firm:
    Reed Smith LLP
    Liquidators held personally liable for costs of an unsuccessful application seeking to void transactions
    2018-12-17

    In Re Kin Ming Toy Manufactory Ltd (in liquidation), HCCW 402/2015 [2018] HKCFI 2057 and 2285, Harris J of the Court of First Instance dismissed an application under section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (the Ordinance), Cap. 32, brought by the liquidators of a company in liquidation seeking to void two payments made out of the company’s bank account after commencement of the winding up proceedings, and further ordered that the liquidators be held personally liable for the costs of the unsuccessful application.

    Key Facts

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, Deacons
    Authors:
    Leo Wong
    Location:
    Hong Kong
    Firm:
    Deacons
    Hong Kong Companies Court Clarifies Circumstances for Dismissing a Winding-Up Petition When Faced with an Arbitration Clause
    2018-04-11

    In Lasmos Ltd v. Southwest Pacific Bauxite (HK) Ltd (02/03/2018, HCCW 277/2017), [2018] HKCFI 426 (Lasmos), the Court of First Instance held that a winding-up petition based on a disputed debt may be dismissed if there was an arbitration clause in the underlying agreement, upon which arbitration has commenced.

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Baker McKenzie, Arbitration clause, Liquidated damages
    Authors:
    Kwun-Yee Cheung , Paul Teo
    Location:
    Hong Kong
    Firm:
    Baker McKenzie
    Bad Faith and Misconduct Not a Bar to US Recognition of Hong Kong Liquidation Case
    2018-05-09

    Manley Toys Limited once claimed to be the seventh largest toy company in the world. Due to ongoing litigation and declining sales, it entered into a voluntary liquidation in Hong Kong. On March 22, 2016, the debtor’s appointed liquidators and foreign representatives filed a motion for recognition under chapter 15 of the Bankruptcy Code. The motion was opposed by ASI Inc., f/k/a Aviva Sports, Inc. (“Aviva”) and Toys “R” Us, Inc. (“TRU”).

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Dechert LLP, Liquidation
    Authors:
    Shmuel Vasser
    Location:
    Hong Kong
    Firm:
    Dechert LLP
    Production of company documents to liquidators
    2018-05-15
    • Introduction
    • Background
    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, RPC
    Authors:
    David Smyth , Warren Ganesh
    Location:
    Hong Kong
    Firm:
    RPC
    Winding up is generally not available where there is an arbitration clause
    2018-05-15

    The impact of an arbitration clause on the Court’s discretion to grant a winding up order was recently considered by the Court of First Instance in Hong Kong.

    In Lasmos Limited v Southwest Pacific Bauxite (HK) Limited (HCCW 227/2017; [2018] HKCFI 426), the Court dismissed a winding up petition in view of an arbitration clause contained in the agreement between the parties and held that the dispute concerning the alleged debt should be dealt with in accordance with the arbitration clause.

    Facts

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Deacons, Arbitration clause
    Authors:
    Joseph Kwan , Michelle Li
    Location:
    Hong Kong
    Firm:
    Deacons
    Production of company documents to liquidators
    2018-05-15

    Introduction

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, RPC
    Location:
    Hong Kong
    Firm:
    RPC
    Guide to Doing Business in Hong Kong
    2018-07-16

    A Guide to Doing BUSINESS IN HONG KONG Contents Introduction Hong Kong at a Glance 1 Political System 1 Legal System 1 Economic System 1 Investment Incentives 1 Financial System 1 International Relationships 1 Relationship with the PRC 2 Belt and Road Initiative 2 General Data Protection Regulation 2 Business Vehicles Types of Business Vehicle 5 Business Registration 5 Special Types of Business 5 Hong Kong Companies 5 Incorporation of a Private Limited Company 5 Branch Operations 7 Reasons for Choosing a Branch or Subsidiary 7 Representative Offices 8 Sole Proprietorships/General Partnershi

    Filed under:
    Hong Kong, Arbitration & ADR, Company & Commercial, Competition & Antitrust, Employment & Labor, Insolvency & Restructuring, Intellectual Property, Mayer Brown
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM

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