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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
    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
    Latest developments on corporate rescue and insolvency reforms provide wider options for creditors and financially distressed companies
    2014-07-03

    Recent developments

    The Hong Kong Government has released its major proposals for introducing a new statutory corporate rescue procedure. At the same time, it has published the consultation conclusions for improving the corporate insolvency and winding up provisions in the Companies (Winding Up and Miscellaneous Provisions Ordinance) (Chapter 32) (“C(WUMP)O”). The Government plans to introduce an amendment bill into the Legislative Council in 2015.

    Implications for companies

    Filed under:
    Hong Kong, Insolvency & Restructuring, Baker McKenzie
    Location:
    Hong Kong
    Firm:
    Baker McKenzie
    Hong Kong Court of Final Appeal provides guidance on the expiry of applicable limitation periods
    2014-07-31

    On 17 July 2014, the Hong Kong Court of Final Appeal gave judgment in the case of Moulin Global Eyecare Holdings Limited (in liquidation) (formerly known as Moulin International Holdings Limited) v Olivia Lee Sin Mei FACV No. 23 of 2013,providing helpful guidance on the expiry of applicable limitation periods.

    Background

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Statute of limitations, Court of Final Appeal (Hong Kong)
    Authors:
    Dominic Geiser , Emily Soothill
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong Court recognises foreign liquidators
    2014-08-04

    Did you know that a liquidator of a foreign company may seek the assistance of the Hong Kong Court to obtain orders for the production of information which orders are, in substance, of the type made in Hong Kong windings-up under section 221(3) of the Companies (Winding-up and Miscellaneous Provisions) Ordinance?

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Liquidator (law)
    Authors:
    Richard M. Tollan , Justine T. K. Lau , Edmund M. S. Ma , Jennifer Colegate
    Location:
    Hong Kong
    Firm:
    Mayer Brown
    The status of foreign liquidators recognised in Hong Kong
    2014-08-27

    The recent case of The Joint Official Liquidators of A Company v B and Another has confirmed that a liquidator of a foreign company can seek the Hong Kong Companies Court’s assistance by applying for orders for the production of information and documents without the need to also apply to wind up that company in Hong Kong.

    Background

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Common law, Liquidator (law)
    Authors:
    Gareth Thomas , Damien Whitehead
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP

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