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    Guide to doing business in Hong Kong
    2014-03-06

    Introduction Hong Kong At a Glance Population: 7 million Languages:  English, Cantonese and Mandarin Time zones:  8 hours ahead of Greenwich Mean Time Climate: Subtropical with long, hot summers and pleasant temperate winters Political System

    Filed under:
    Hong Kong, Arbitration & ADR, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Intellectual Property, Mayer Brown, Terrorism financing
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM
    Third party rights against insurers and the Bridgecorp decision – do Hong Kong insurers need to be concerned?
    2014-03-07

    The Third Party (Rights Against Insurers) Ordinance Cap 273 (TPRAI) in Hong Kong allows third parties to claim against the wrongdoer’s liability  insurer in the event of insolvency. The Supreme Court of New Zealand (the country’s highest court)  found in BFSL 2007 Ltd (in liquidation) v. Steigrad [2013] NZSC 156 (known as the Bridgecorp case)  that under the equivalent statutory provision in New Zealand, payment of defence costs do not  reduce the limit of indemnity.

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Mayer Brown, Unsecured creditor
    Authors:
    Tow Lu Lim , Jenny W. Y. Yu
    Location:
    Hong Kong, United Kingdom
    Firm:
    Mayer Brown JSM
    How deep do you bury the golden egg?
    2014-04-09

    The Court of Appeal has declined jurisdiction to wind up Yung Kee Holdings Limited (the "Company"), a company incorporated in the British Virgin Islands ("BVI"), upholding the decision of Harris J at first instance that the Company did not have "sufficient connection" with Hong Kong. 

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells, Shareholder, Liquidation
    Authors:
    Chris Dobby , Allan Leung , Mark Lin , Damon So , Patrick Sherrington
    Location:
    Hong Kong
    Firm:
    Hogan Lovells
    Cross border insolvencies: Hong Kong court further clarifies the legal principles in respect of winding up an unregistered overseas company
    2014-04-30

    The exercise of the court’s discretionary jurisdiction to wind up an unregistered overseas company has again come under judicial spotlight in the recent case of Re China Medical Technologies Inc. (HCCW 435/2012).

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Dispute resolution, Liquidation, Holding company, Liquidator (law)
    Authors:
    Gareth Thomas , Damien Whitehead
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Yung Chi Keung v Protection of Wages on Insolvency Fund Board
    2014-05-09

    This is a case with respect to the interpretation of the words "the applicant's entitlement to severance payment" in section 16(2)(f)(i) of the Protection of Wages on Insolvency Ordinance (the "PWIO").

    Under the PWIO, the applicant may apply for an ex-gratia payment from the Protection of Wages on insolvency Fund (the "Fund") as his former employer entered into voluntary liquidation.

    The relevant sections of the PWIO are set out below:-

    "15(1) ......an applicant to whom:-

    Filed under:
    Hong Kong, Employment & Labor, Insolvency & Restructuring, Litigation, Deacons, Severance package
    Authors:
    Elsie Chan
    Location:
    Hong Kong
    Firm:
    Deacons
    Too big to fail: Hong Kong’s proposed resolution regime for financial institutions
    2014-05-20

    In the wake of the global financial crisis, Hong Kong’s key financial regulators, the Financial Services and the Treasury Bureau, the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Insurance Authority (IA), have jointly issued a consultation paper (Paper) that outlines proposals for establishing a resolution regime for significant financial institutions (FIs) that are in crisis or likely to collapse.

    Filed under:
    Hong Kong, Banking, Capital Markets, Insolvency & Restructuring, Insurance, King & Wood Mallesons, Financial Stability Board, Securities and Futures Commission (Hong Kong)
    Authors:
    Denis Brock
    Location:
    Hong Kong
    Firm:
    King & Wood Mallesons
    Reducing and expunging proofs of debt and dealing with dividend overpayments
    2014-06-05

    On a recent Mayer Brown JSM application (on behalf  of the Liquidators of one of the Lehman Brothers  entities) to reduce and expunge proofs of debt, the  Hong Kong High Court has ruled that creditors who  receive an overpayment of dividends due in respect of  a proof of debt which has been “improperly  admitted” (rule 96, Companies Winding-Up Rules)  must give credit for those overpayments before  receiving further dividends in the liquidation (Re  Lehman Brothers Commercial Corp Asia Ltd (“LBCCA”) [2014] HKEC 849) (“Proof Appl

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Dividends, Debt, Liquidation, Lehman Brothers
    Authors:
    Richard M. Tollan , Jennifer Colegate
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM
    Hong Kong court tackles Beddoe applications and Bartlett clauses
    2014-06-10

    The case of Highmax Overseas Ltd v Chau Kar Hon Quinton considers the interaction of two issues very relevant to trustees (particularly trustees of trust funds including company shares):Beddoe applications and Bartlett clauses. Reported Court decisions on both issues are thin on the ground, so this case provides helpful insight.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Herbert Smith Freehills LLP, Discretionary trust, Trustee
    Authors:
    Gareth Thomas , Richard Norridge
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Creditors rewarded with priority claim against bankruptcy estate for costs of preserving assets incurred before notice of petition
    2013-12-13

    In the bankruptcy proceedings in respect of Mr Gabriel Ricardo Dias-Azedo (the "Bankrupt"), the Court of First Instance recently exercised its discretion under sections 37(2) and 97 of the Bankruptcy Ordinance (Cap. 6) (BO) in favour of two creditors and granted them a priority claim against the Bankrupt's estate for their costs in preserving his assets incurred before receiving notice of the bankruptcy petition.

    Background

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Default judgment
    Authors:
    Richard M. Tollan , Edmund M. S. Ma
    Location:
    Hong Kong
    Firm:
    Mayer Brown
    A resolution regime of financial institutions in Hong Kong
    2014-01-17

    On 7 January 2014 the Financial Services and Treasury Bureau of the Hong Kong Government (FSTB), in conjunction with the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC) and the Insurance Authority (IA), issued a first stage consultation regarding the introduction of a resolution regime for financial institutions in Hong Kong (the “Consultation”). The Consultation initiates a discussion as to the regulatory structure and principles that would be required to establish an effective resolution regime for financial institutions in Hong Kong.

    Filed under:
    Hong Kong, Banking, Capital Markets, Insolvency & Restructuring, Mayer Brown, Financial Stability Board, Securities and Futures Commission (Hong Kong)
    Authors:
    John M. Marsden , Jennifer Colegate
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM

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