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    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
    Distributing Mainland cash in Hong Kong liquidation: yuan more reason to depart from the pari passu principle
    2018-12-21

    Summary

    A recent decision of the High Court of Hong Kong examined a liquidator’s powers to distribute a Hong Kong company’s assets in the PRC (being an RMB balance held in a Mainland bank account, a chose in action governed by Mainland law and subject to foreign exchange restrictions). Particularly, the Court looked at an unusual set of facts which meant there was some doubt as to whether the liquidator’s proposed distribution was in keeping with the key insolvency principles of:

    1. collectivity;

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Gareth Thomas , Jeremy Haywood , Philip Lis
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong court dismisses application for further stay of enforcement
    2019-01-14

    After reluctantly issuing an initial stay of enforcement in July 2018, the Hong Kong Court of First Instance recently dismissed an application by China Zenith Chemical Group Ltd (CZ) to further delay the enforcement of an arbitral award in favour of Baosteel Engineering & Technology Group Co Ltd (BS).

    Baosteel Engineering & Technology Group Co Ltd v China Zenith Chemical Group Ltd [2019] HKFCI 68

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Joint and several liability
    Authors:
    Kathryn Sanger , May Tai , Simon Chapman KC , Briana Young
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong Court spits out ceviche: “objectionable” Peruvian fisheries business Chapter 11 trustee refused common law assistance
    2019-01-17

    In a highly international cross-border restructuring, the High Court of Hong Kong has refused to assist the New York-based Chapter 11 trustee of a Singaporean subsidiary of the Cayman-incorporated Peruvian business China Fishery Group (“CFG”).

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, HSBC
    Authors:
    Gareth Thomas , Paul Apáthy , Alexander Aitken , Philip Lis , May Tai , Dominic Geiser , Priya Aswani
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    A significant step towards simpler judicial procedures and reduced re-litigation: Hong Kong and the Mainland sign a broader arrangement to recognise and enforce judgments in civil and commercial matters
    2019-01-25

    On Friday 18 January 2019, Hong Kong and the Mainland reached a milestone by signing the Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters between the Courts of the Mainland and of the Hong Kong Special Administrative Region (“Arrangement“). When taken together with other similar arrangements that are in train, the Mainland Supreme People’s Court envisages that approximately 90% of judgments of a civil and commercial nature will soon be reciprocally recognised and enforced between Hong Kong and the Mainland.

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Securities and Futures Commission (Hong Kong)
    Authors:
    Gareth Thomas , Dominic Geiser , Jojo Fan , Rebecca Hui , Carolyn Suen , Priya Aswani
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    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
    CW Advanced Technologies Limited - Recognition Issues Considered
    2018-08-20

    In the recent case Re CW Advanced Technologies Limited, the Hong Kong court took the opportunity, albeit only obiter dicta, to raise and briefly comment on certain unresolved questions surrounding three issues of interest to insolvency practitioners:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown
    Authors:
    John M. Marsden , Thomas A. Pugh , Dirk Behnsen
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM
    Cross-border insolvency regime - past and future
    2018-08-21
    • Introduction
    • Recent case
    • Court's obiter comments
    • Comment

    Introduction

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC, Cross-border insolvency
    Authors:
    David Smyth
    Location:
    Hong Kong
    Firm:
    RPC
    Cross-border insolvency regime - past and future
    2018-08-21

    Introduction

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC, UNCITRAL, Hong Kong Stock Exchange
    Location:
    Hong Kong
    Firm:
    RPC

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