The current litigation landscape for professionals in Hong Kong is relatively benign: but is this the lull before the storm? Accurate records are kept of all actions commenced in the Hong Kong High Court, which deals with claims of over HK$1 million. The graph above shows the number of claims begun by writ each year over the last 15 years. This data covers all claims, not just those against professionals, but gives an indication of the general litigation trends.

Did you know that when a liquidator makes a court application, it is important to identify the appropriate applicant, not only as a procedural matter, but also from a costs perspective?

All good where the liquidator succeeds in the court application

Freshfields Bruckhaus Deringer Recovery and resolution planning October 2015 1 The Financial Services and the Treasury Bureau of the Hong Kong Government (FSTB) in conjunction with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA)1 on 9 October 2015 published a paper entitled An Effective Resolution Regime for Financial Institutions in Hong Kong: Consultation Response and Certain Further Issues (CP3).2 Background Following from the recent global financial crisis, the G20 tasked the Financial Stability Board (FSB) with

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.

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.

Anglo Starlite Insurance Co. Ltd. (the "Company") was placed into provisional liquidation on 8 May 2009 following an investigation by the Hong Kong Insurance Authority ("IA"). Peter Whalley and Jan Blaauw of PricewaterhouseCoopers were appointed as joint and several provisional liquidators.

Welcome to the fifth edition of Baker & McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.

Background

The World Health Organisation (WHO) declared COVID-19 as a “pandemic” on March 11, 2020.

I. NCLAT approves the resolution plan submitted by ArcelorMittal in the resolution proceedings in respect of Essar Steel India Limited while modifying the distribution of money to the financial and the operational creditors