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    Hong Kong High Court refuses to assist English administrators under common law principles
    2015-05-13

    Case: The joint administrators of African Minerals Limited (in administration) v Madison Pacific Trust Limited and Shangdong Steel Hong Kong Zengli Limited (HCMP 865 of 2015)

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Common law, High Court of Justice (England & Wales)
    Authors:
    Rita Lowe , Helen Coverdale
    Location:
    Hong Kong
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Hong Kong: clarification on calculation of payment under the Protection of Wages on Insolvency Ordinance
    2015-05-22

    The Protection of Wages on Insolvency Fund (the "Fund") was established in 1985 to provide timely relief in the form of an ex gratia payment to eligible employees affected by the insolvency of their employers, for example where employees' severance payments are withheld pending winding-up proceedings. Section 16(2) of the Protection of Wages on Insolvency Ordinance (the "Ordinance") provides that the Commissioner for Labour shall not make payment out of the Fund of amounts exceeding certain caps.

    Filed under:
    Hong Kong, Employment & Labor, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Anita Leung , Michael Mai
    Location:
    Hong Kong
    Firm:
    Jones Day
    Can a company be wound up in Hong Kong if the relevant contract contains an arbitration clause?
    2015-06-04

    Given the nature of their businesses, shipping companies may be involved as respondents in arbitration proceedings in different jurisdictions. As arbitrations tend to be lengthy procedures, a claimant to such proceedings may want to explore whether there are any quicker routes they can take to recover their losses. One such option they might consider is bringing a winding up petition against the company.

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Arbitration clause, Liquidation
    Location:
    Hong Kong
    Firm:
    Clyde & Co LLP
    Hong Kong court casts doubt on the ability of minority lenders to enforce independently
    2015-07-29

    It has long been considered that lenders under a syndicated facility retain a right to seek to recover their portion of a loan directly following a payment default, typically by seeking the winding up of obligors. This is based on the several nature of the rights of finance parties which appears in clause 2 of the standard LMA terms. 

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, Hogan Lovells
    Authors:
    Joe Bannister , Owen Chan , Stuart Tait , Allan Wardrop
    Location:
    Hong Kong
    Firm:
    Hogan Lovells
    Hong Kong court considers commercial character of funder in context of assessing commercial funding arrangements for companies in liquidation
    2015-11-06

    The case of Re Company A-E [2015] HCMP 2019/2015 demonstrates that the Court will take a practical approach in determining whether a funding arrangement infringes upon the common law rules against maintenance and champerty. The Court will consider commercial factors, such as the underlying rationale for the funding arrangement and the commercial character of the funder, alongside its analysis of the common law principles.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Common law
    Authors:
    Gareth Thomas , Julian Copeman , Justin D'Agostino , William Hallatt , Dominic Geiser , Damien Whitehead
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    OW Bunker update – Hong Kong company applies for winding-up
    2014-11-24

    Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).  The records indicate that the Winding-up Petition was presented by the company itself rather than a creditor.  This is consistent with the steps taken by other companies within the OW Bunker group to seek Court protection.

    Filed under:
    Hong Kong, Insolvency & Restructuring, RPC
    Authors:
    Steven Wise
    Location:
    Hong Kong
    Firm:
    RPC
    Who foots the bill? Recent companies court decisions on costs
    2014-11-26

    Generally with a winding-up petition, if the petitioner is successful in obtaining a winding-up order, the petitioner will have its costs of the  proceedings. If, on the other hand, the petition is dismissed, then the petitioner has been  unsuccessful and it should pay the costs of the proceedings. We explore the Companies Court’s  treatment of costs in three recent decisions below.

    From what Assets should a Petitioner have its Costs?

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Costs in English law, Liquidation
    Authors:
    Richard M. Tollan , Justine T. K. Lau , Edmund M. S. Ma
    Location:
    Hong Kong
    Firm:
    Mayer Brown
    Cross-border restructuring in Hong Kong: jurisdiction to sanction schemes for insolvent foreign debtors
    2015-01-09

    The Hong Kong court has held that, in determining whether it should exercise its jurisdiction to sanction a scheme of arrangement in respect of the debts of an insolvent foreign company, the factors to take into account include whether any of the debts are governed by Hong Kong law, such that they would be discharged by an order sanctioning the scheme, and whether sanctioning the scheme would foster comity.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Sidley Austin LLP
    Location:
    Hong Kong
    Firm:
    Sidley Austin LLP
    Modified universalism – privy to singular clarification?
    2015-01-20

    Introduction

    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, RPC, Common law, Liquidator (law)
    Authors:
    Rebecca Wong
    Location:
    Hong Kong
    Firm:
    RPC
    The court of first instance refused to reverse a decision made by trustees in bankruptcy in assessing a bankrupt's reasonable domestic expenses
    2014-06-26

    A bankrupt can be required to pay a portion of his income earned during the bankruptcy to his or her trustees by way of a contribution to the bankrupt estate. Such payments can be fixed by the court pursuant to section 43E of the Bankruptcy Ordinance (Cap 6 of the Laws of Hong Kong) or agreed between the bankrupt and the trustees on an informal basis, and are calculated after assessing the bankrupt's reasonable expenses.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Deacons, Bankruptcy
    Authors:
    Richard Hudson
    Location:
    Hong Kong
    Firm:
    Deacons

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