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    Alert for creditors: Arbitration agreements may block Hong Kong winding-up
    2025-09-08

    1. The CMS Law-Now article “Arbitration agreement does not prevent winding up petition” updated the position in England & Wales following the Privy Council decision in Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16 (“Sian”).

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, CMS law.tax.future
    Authors:
    Steven Wise , Andrew Horton , Grace Ip , Kenneth Chan
    Location:
    Hong Kong
    Firm:
    CMS law.tax.future
    Former A.C. Milan Owner ordered Bankrupt by Hong Kong Court of First Instance in Re: Li Yonghong [2025] HKCFI 3307
    2025-08-01

    In the recent high-profile decision of Re: Li Yonghong[2025] HKCFI 3307, the Honourable Madam Justice Linda Chan made a bankruptcy order against Mr. Li Yonghong — a businessman best known for his prior ownership of AC Milan. The judgment offers important takeaways for bankruptcy and insolvency practitioners on, inter alia, the resolution of inaccuracies or defects in statutory demands and petitions.

    Background

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Bankruptcy
    Authors:
    Alexander Tang , Joshua Yeung
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    Examining the Effectiveness of Keepwell Agreements in Cross-Border Financing: Insights from the Latest Judgment of the Hong Kong Court of Final Appeal
    2025-06-30

    Introduction

    Filed under:
    China, Hong Kong, Banking, Insolvency & Restructuring, Litigation, Beijing Jincheng Tongda & Neal, Court of Final Appeal (Hong Kong), Financial services
    Authors:
    Yang Hua
    Location:
    China, Hong Kong
    Firm:
    Beijing Jincheng Tongda & Neal
    Federal Court of Australia Upholds India’s State Immunity Claim, Narrowing Scope of Enforcement Under the New York Convention
    2025-06-30

    Introduction

    Filed under:
    Australia, Canada, Hong Kong, India, Singapore, United Kingdom, USA, England, Banking, Insolvency & Restructuring, Litigation, Ironbridge Legal, Corporate governance, Bankruptcy, Dispute resolution, Financial services, Corporations Act 2001 (Australia), International Arbitration Act 1974 (Australia), Federal Court of Australia
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, India, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Navigating Construction Industry Insolvency: Red Flags and Precautionary Measures
    2025-06-18

    Introduction

    In this first instalment of our insights series on construction insolvency, Ironbridge Legal outlines key red flags to look for and practical steps to manage counterparty risk.

    An Industry at Risk - With Contagion Potential

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Insolvency & Restructuring, Litigation, Ironbridge Legal, Corporate governance, Bankruptcy, Dispute resolution, Directors' duties, Financial services, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane , Jacqueline Ma
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Directors Have a Duty to Prevent Insolvent Trading: Understanding ASIC’s Updated Guidance
    2025-06-11

    Introduction

    In December 2024, Australian Securities and Investments Commission (ASIC) released an updated version of Regulatory Guide RG 217. The guidance is designed to assist directors in complying with their duty to prevent insolvent trading. It sets out four key principles for directors to avoid insolvent trading, explains the safe harbour defence (which offers protection from personal liability), and clarifies ASIC’s approach to assessing breaches of duty and the application of the safe harbour defence.

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Ironbridge Legal, Corporate governance, Dispute resolution, Compliance, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Full and Frank Disclosure in an Interim Order Application
    2025-05-19

    In Re Chow Kai Weng (A Debtor) [2025] HKCFI 1888, the Court dismissed the Debtor’s interim order application.

    Individual Voluntary Arrangement (IVA) is an alternative to bankruptcy – it involves an application to the Court for an Interim Order. The debtor is required to make a repayment proposal to the creditors which, on approval, is binding on all creditors. However, contrary to the widely-held belief that interim order applications appear to be non-contentious in nature, time and again the Court of Appeal has reminded practitioners that:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Parkside Chambers, Bankruptcy
    Authors:
    Raphael Leung
    Location:
    Hong Kong
    Firm:
    Parkside Chambers
    Bilta’s implications for Hong Kong’s Corporate Insolvency Regime
    2025-05-15

    On 7 May 2025, the UK Supreme Court (UKSC) handed down a judgment providing useful guidance on the meaning of “fraudulent trading” within s.213 of the Insolvency Act 1986 (Insolvency Act) and how the test in s.32(1) of the Limitation Act 1980 (Limitation Act) operates, in Bilta (UK) Ltd (in liquidation) v Tradition Financial Services Ltd [2025] UKSC 18 (Bilta). In this article, we give a brief summary of the facts, issues and rulings in the judgment and its practical implications for Hong Kong’s corporate insolvency regime.

    Background

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Deacons, Limitation Act 1980 (UK), Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Paul Kwan
    Location:
    Hong Kong, United Kingdom
    Firm:
    Deacons
    Directors guilty of fraudulent trading
    2025-04-03

    Directors beware!

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Tanner De Witt
    Authors:
    Ian De Witt , Troy Greig , Jane Du
    Location:
    Hong Kong
    Firm:
    Tanner De Witt
    Rules on Mainland Asset Disposal and The Practice of Judicial Assistance by Mainland Courts in Hong Kong Company Bankruptcy
    2025-03-05

    Following the liquidation order from the Hong Kong High Court on January 29, 2024, against China Evergrande Group Corporation, on September 12, 2024, China Evergrande Group filed a liquidation petition for its wholly owned subsidiary, CEG Holdings (BVI) Limited, which has been scheduled a hearing on February 17, 2025. In the liquidation process of a Hong Kong company, the maintenance and realisation of the company's assets and the return of the value to its creditors and other stakeholders are key concerns.

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, AnJie Broad Law Firm, Artificial intelligence
    Authors:
    Shouzhi AN , Zhang Xiaofen
    Location:
    China, Hong Kong
    Firm:
    AnJie Broad Law Firm

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