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    Asia Pacific Restructuring & Insolvency Guide: Hong Kong
    2016-09-29

    Introduction

    On 1 July 1997, Hong Kong became a Special Administrative Region of the People’s Republic of China (the “PRC”), ending more than 150 years of British colonial rule. In general, the laws of Hong Kong as at 30 June 1997 were adopted as the laws of the Hong Kong Special Administrative Region (the “HKSAR”) with effect from 1 July 1997, except for those laws which were in contravention of the constitution of the HKSAR (the “Basic Law”).

    Filed under:
    Hong Kong, Insolvency & Restructuring, White & Case
    Location:
    Hong Kong
    Firm:
    White & Case
    The Bermuda restructuring JPL: super flexible and key to monitor company driven restructurings
    2016-09-30

    JPLs play an unheralded but crucial mediating role in Bermuda

    Filed under:
    Hong Kong, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Harneys
    Authors:
    Ian Mann , Jayson Wood
    Location:
    Hong Kong, United Kingdom
    Firm:
    Harneys
    Hanjin Shipping - Current jurisdictional status and options - Hong Kong
    2016-10-04

    Hong Kong has not adopted into domestic legislation the UNCITRAL Model Law on Cross Border Insolvency.

    Unlike jurisdictions which have adopted the Model Law, e.g. the United Kingdom, an application to the Hong Kong Courts for recognition of foreign insolvency proceedings requires a balancing exercise of competing aims: assisting the foreign court conducting the main insolvency proceedings in achieving a universal distribution of assets, and ensuring that creditors seeking the Hong Kong Courts' assistance are treated fairly and equitably in enforcing their rights.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Clyde & Co LLP, UNCITRAL
    Authors:
    Anthony Woo
    Location:
    Hong Kong
    Firm:
    Clyde & Co LLP
    Accountant-trustees 'released' from final appeal
    2016-10-25

    Introduction

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC, Bankruptcy, Deloitte, Court of Final Appeal (Hong Kong)
    Authors:
    Amy Chung
    Location:
    Hong Kong
    Firm:
    RPC
    Court orders disclosure of funding arrangements
    2016-07-26
    • Introduction
    • Background
    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC, Discovery, Ex parte, Liquidation, Writ, Liquidator (law), Deloitte, Singapore High Court
    Authors:
    Amy Chung , David Smyth
    Location:
    Hong Kong
    Firm:
    RPC
    Better late than never: amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance gazetted
    2016-08-08

    By now, you will all be aware of the recently gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 ("Amendment Ordinance"), heralding as it does a much anticipated refreshment and modernisation of the Companies (Winding Up and Miscellaneous Provisions) Ordinance ("CWUMPO") and the Companies (Winding up) Rules ("CWUR").

    Given that the last major amendments to the corporate winding-up regime in Hong Kong occurred in 1984, reform in this area is long overdue.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidator (law)
    Authors:
    Gareth Thomas , Jeremy Haywood
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    While We Wait: Using Consumer Protection Provisions in Insolvency
    2016-08-15

    Whether it’s the kids’ day-care, the family holiday, or that gym membership we eagerly signed up for on the first of January, paying for goods and services before receiving them is the normal practice in many business sectors. It’s also the usual way to buy things off the internet. It’s become so common that we rarely ask what would happen if the business fails to deliver. Fortunately, in Hong Kong this is a question that does not have to be asked often, but as the economic environment gets tougher it may be one that deserves greater attention.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, KPMG Law, Consumer protection, Unsecured debt, Debt, Liquidation
    Authors:
    Davyd Wong
    Location:
    Hong Kong
    Firm:
    KPMG Law
    Recognition of Liquidator Not Appointed in Place of Incorporation
    2016-08-16

    A key factor contributing to the vitality and development of the common law is that judges can have the benefit of authorities from other jurisdictions with a comparable legal framework. This has proved and will be increasingly important in areas such as cross-border insolvency, where modified universalism has been thecatchword in recent years.

    Filed under:
    Hong Kong, Singapore, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, Common law, Liquidator (law)
    Authors:
    John M. Marsden , Richard M. Tollan , Thomas A. Pugh , Edmund M. S. Ma
    Location:
    Hong Kong, Singapore
    Firm:
    Mayer Brown JSM
    Important Changes under the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 - Part 1 : Increased Creditor Protection
    2016-08-17

    The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance), gazetted on 3 June 2016, will come into effect on a date to be appointed by the Secretary for Financial Services and the Treasury. It amends the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap 32. This article is the first in a series, highlighting the major changes to be introduced.

    Aims of Amendment Ordinance

    The Amendment Ordinance aims to:

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Deacons, Debt, Liability (financial accounting), Liquidation
    Authors:
    Richard Hudson
    Location:
    Hong Kong
    Firm:
    Deacons
    P&I Priority Over a Ship Mortgage: Meet the New Crew Claimants
    2016-09-07

    Cases of vessel and crew abandonment are increasingly in the headlines, as freight rates sink to levels that can fail to cover shipowners' operating expenses.

    Filed under:
    Hong Kong, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Shipping & Transport, Mayer Brown
    Authors:
    Bill Amos
    Location:
    Hong Kong
    Firm:
    Mayer Brown

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