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    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
    Liquidators’ Personal Liability for Costs - Hong Kong Judgment
    2016-01-11

    Liquidators may often consider it necessary to bring proceedings on behalf of the insolvent company to seek to recover assets or obtain compensation on the company’s behalf. If that action fails, and the insolvent company does not have the funds to meet any costs order made against it, the liquidator is potentially personally exposed to paying those costs pursuant to a non-party costs order. This could operate harshly for liquidators. Every piece of litigation has a winner and a loser.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Patrick Perry , Michael Maguiness
    Location:
    Hong Kong
    Firm:
    Clyde & Co LLP
    Court of Final Appeal rules that Section 30A(10)(a) of the Bankruptcy Ordinance (Cap. 6) is unconstitutional
    2016-01-13

    Under the Bankruptcy Ordinance (Cap. 6) (“BO”), a person who has been adjudged bankrupt will be entitled to be discharged from bankruptcy four years after the making of the bankruptcy order, unless it is a second bankruptcy or the period is extended by the Court. The maximum extension is an additional four year period.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Deacons, Bankruptcy, Constitutionality, Court of Final Appeal (Hong Kong)
    Authors:
    Cathy Wu , Richard Hudson
    Location:
    Hong Kong
    Firm:
    Deacons
    Liquidators, do not brush aside personal liability for costs at super speed
    2016-01-21

    Did you know that when a liquidator makes a court application, it is important to identify the appropriate applicant, not only as a procedural matter, but also from a costs perspective?

    All good where the liquidator succeeds in the court application

    Filed under:
    Hong Kong, Insolvency & Restructuring, Insurance, Litigation, Mayer Brown, Liquidator (law)
    Authors:
    Richard M. Tollan , Edmund M. S. Ma
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM
    Hong Kong: Court of First Instance clarifies test for adding debts accrued after presentation of a creditors’ winding up petition
    2016-03-09

    In Re Hin-Pro International Logistics Limited[1], the Hong Kong Court of First Instance held that it has jurisdiction to grant leave to amend a creditor's winding up petition to include debts accrued only after its presentation.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Debt, Liquidation
    Authors:
    Gareth Thomas , Dominic Geiser
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Important trends in claims exposures for professionals in Hong Kong
    2016-06-16

    The current litigation landscape for professionals in Hong Kong is relatively benign: but is this the lull before the storm? Accurate records are kept of all actions commenced in the Hong Kong High Court, which deals with claims of over HK$1 million. The graph above shows the number of claims begun by writ each year over the last 15 years. This data covers all claims, not just those against professionals, but gives an indication of the general litigation trends.

    Filed under:
    Hong Kong, Arbitration & ADR, Capital Markets, Company & Commercial, Construction, Insolvency & Restructuring, Insurance, Litigation, Clyde & Co LLP, Mediation
    Location:
    Hong Kong
    Firm:
    Clyde & Co LLP
    Hong Kong Regulatory Bulletin - June 2016
    2016-06-30

    GENERAL

    The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 Gazetted

    The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance) was gazetted on 3 June 2016. The Amendment Ordinance aims to improve and modernize Hong Kong’s corporate winding-up regime. The Amendment Ordinance will come into effect on a appropriate date to be published in the Gazette.

    Major provisions of the Amendment Ordinance include:

    Filed under:
    Hong Kong, Capital Markets, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP
    Location:
    Hong Kong
    Firm:
    Cadwalader Wickersham & Taft LLP
    Innovative cut-off scheme accelerates Lehman liquidation
    2016-07-13

    Did you know that a scheme of arrangement can be used to reduce the creditor constituency in a liquidation, so that time and costs can be saved for the benefit of all parties?

    The Honourable Mr. Justice Ng of the Hong Kong High Court made an Order sanctioning a scheme of arrangement (Scheme) proposed by the Joint and Several Liquidators (Liquidators) of Lehman Brothers Asia Holdings Limited (LBAH) to be implemented between LBAH and certain of its unsecured creditors (Scheme Creditors).

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Unsecured debt, Liquidation, Lehman Brothers
    Authors:
    Thomas A. Pugh , Edmund M. S. Ma
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM

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