In The Joint Provisional Liquidators of BJB Career Education Company Limited (In Provisional Liquidation) v Xu Zhendong1, the Court of First Instance considered the Hong Kong courts' common law powers to recognise and assist foreign courts and insolvency practitioners overseeing non-Hong Kong insolvency proceedings.
The questions considered by the court were:
The new Companies Ordinance (Cap 622) enacted in 2012 was the first part of the effort to rewrite the statutory provisions relating to the incorporation and operation of companies. The remaining task of updating the winding up and insolvency provisions was completed in May 2016, when amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) (CWUMPO) were passed into law. Although the implementation date of these amendments are to be announced by the government, it is time to look at the significant changes ahead.
In Re Hin-Pro International Logistics Ltd the Hong Kong Court of Appeal had to consider whether it had jurisdiction to grant leave to amend a creditor's petition, and if so, whether it should do so.
Year in Review – Hong Kong Law in 2016
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:
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.
The Honourable Mr Justice Harris, the incumbent Companies Judge, has continued the recent development of cross-border assistance in insolvency matters. An example is his Lordship's decision in Re Centaur Litigation SPC (In Liquidation)(HCMP 3389/2015, 10 March 2016), which relates to an application by the liquidators of three companies incorporated and being wound up in the Cayman Islands.
Bank of China (Hong Kong) Limited (the successors of all undertakings of the Yien Yieh Commercial Bank Limited by virtue of the Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) v Ho Chi Lui & Anor - HCA 10239/1999 (31 August 2016)
Introduction
Dispute Resolution Beijing/Hong Kong/Shanghai Client Alert Hong Kong Court Paves a Clear Path for the Recognition and Assistance of Foreign Liquidators Recent developments The recent decision of the Hong Kong court in Re Rennie Produce (Aust) Pty Ltd (In Liquidation in Australia) (HCMP 1640/2016, 26 August 2016), together with the prior decision in Re Joint Official Liquidators of Centaur Litigation SPC (In Liquidation) (HCMP 3389/2015, 3391/2015 and 3393/2015, 10 March 2016) have confirmed the court’s willingness to accede to letters of request issued by foreign courts for the recognition
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”).