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    Transactions at undervalue and unfair preferences - how will the Court interpret s49 and s50 of the Bankruptcy Ordinance?
    2015-12-07

    In Wong Tak Man, Stephen & Another v Cheung Siu Fai & Ors [2015] HMP 1431/2012, the Court held that transfers of funds made by a bankrupt were not transactions at undervalue or unfair preferences pursuant to s49 and s50 of the Bankruptcy Ordinance (the "BO"). This case serves as a useful reminder on how the Court will interpret s49 and s50 BO, as deemed to be applied in a corporate context by s.266B(1)(a) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32).

    Facts 

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy
    Authors:
    Gareth Thomas , Damien Whitehead
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong’s top court finds delay in commencement of bankruptcy period unconstitutional
    2015-12-16

    In the recent case of Official Receiver v Zhi Charles (FACV 8/2015) (5 November 2015), the Court of Final Appeal (the "CFA") found s 30A(10)(a) of the Bankruptcy Ordinance (Cap 6) (the "BO") unconstitutional.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Herbert Smith Freehills LLP, Bankruptcy
    Authors:
    Damien Whitehead
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    The CFA rules section 30A(10)(a) of the Bankruptcy Ordinance unconstitutional
    2015-12-28

    Official Receiver v Zhi Charles, formerly known as Chang Hyun Chi, and Joint and Several Trustees of the Estate of Chan Hyun Chi, the Bankrupt (FACV 8/2015)

    Filed under:
    Hong Kong, Capital Markets, Insolvency & Restructuring, Litigation, Kennedys Law LLP, Bankruptcy, Constitutionality
    Authors:
    Rudy Chung , Mark West , Kevin Yam , Jasmine Tse
    Location:
    Hong Kong
    Firm:
    Kennedys Law LLP
    Safeguard your privilege: lessons from 2014
    2015-01-21

    In 2014, the law of privilege was considered from various angles, with the year closing on a Court  of Final Appeal decision emphasising the primacy of legal professional privilege ("LPP") as an  absolute right guaranteed by the Basic Law of Hong Kong.

    While the cases outlined below generally provide comfort that the law of privilege in Hong Kong  holds strong, we offer a few practical points to help safeguard the privilege of legal advice:

    Filed under:
    Hong Kong, Capital Markets, Insolvency & Restructuring, Litigation, Hogan Lovells, Legal professional privilege
    Authors:
    Chris Dobby , Allan Leung , Mark Lin , Patrick Sherrington , Damon So
    Location:
    Hong Kong
    Firm:
    Hogan Lovells
    Shipping insolvencies: a Hong Kong perspective
    2015-01-23

    As the bankruptcy of OW Bunker has shown, insolvency in a shipping context can cause significant, far reaching and immediate legal uncertainty. The interaction of insolvency procedures, jurisdictional issues, and the complex web of contractual relationships involved in shipping insolvencies creates unique practical and legal challenges. In this Briefing, we consider from a Hong Kong perspective some of the practical issues that commonly arise.

    Insolvency in the Hong Kong Courts

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Shipping & Transport, HFW, Debtor
    Authors:
    Elizabeth Sloane , Hao-Ling Yau , George Lamplough
    Location:
    Hong Kong
    Firm:
    HFW
    Modified Universalism - privy to Singular clarification?
    2015-01-26

    While most jurisdictions provide liquidators with wide investigative powers to locate and realise assets locally, the exercise of such powers becomes more complicated when the assets are situated overseas. As more and more businesses expand globally and corporate structures become equally more complex, the liquidators’ task becomes more problematic in winding up such companies.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, RPC, Common law, Liquidator (law)
    Authors:
    David Smyth , Rebecca Wong
    Location:
    Hong Kong
    Firm:
    RPC
    Scheming for foreign companies
    2015-02-19

    Introduction

    In the recent case of Re LDK Solar Co Ltd,(1)Justice Lam considered the approach that the court should take in deciding whether to invoke its jurisdiction to approve an arrangement or compromise between a foreign company and its creditors or members.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, RPC
    Authors:
    Genevieve Ku
    Location:
    Hong Kong
    Firm:
    RPC
    What is in a name? Provisional liquidators, liquidators & ad valorem fees
    2015-03-10

    We have previously reported that the Official Receiver retains its entitlement to ad valorem fees on the conversion of a compulsory liquidation  to a creditors’ voluntary winding-up (CVL).

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Tax, Mayer Brown
    Authors:
    Richard M. Tollan , Justine T. K. Lau
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM
    Important judgment on liquidators' ability to obtain documents
    2015-03-11

    Summary

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, RPC, Liquidator (law)
    Authors:
    Samuel Hung
    Location:
    Hong Kong
    Firm:
    RPC
    Who is the proper party to bring a validation order application under section 42 of the Bankruptcy Ordinance (Cap. 6)?
    2015-05-06

    Section 42 of the Bankruptcy Ordinance (Cap. 6) (“BO”) provides that where a person is adjudged bankrupt, any disposition of property made by that person from the date of presentation of the bankruptcy petition is void unless made with the consent of the Court or unless subsequently ratified by the Court. The purpose of this section is to prevent the improper dissipation of the bankrupt’s assets once a bankruptcy petition is filed and to protect the principle of pari passu distribution.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Deacons, Bankruptcy, Standing (law)
    Authors:
    Richard Hudson , Cathy Wu
    Location:
    Hong Kong
    Firm:
    Deacons

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