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    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
    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
    Court orders disclosure of funding arrangements
    2016-07-26

    Introduction

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC, Ex parte
    Authors:
    Amy Chung
    Location:
    Hong Kong
    Firm:
    RPC
    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

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