In July, the Government published its report on The United Nations Commission on International Trade Law (UNCITRAL) introducing two new Model Laws with the aim of improving harmonisation of international trade and insolvency procedures: the Model Law on Enterprise Group Insolvency (MLEG) and the Model Law on Recognition and Enforcement of Insolvency-Related Judgments (MLIJ).The Insolvency Service is proposing to adopt the new measures contained in the MLEG and MLIJ as set out below.

簡介

最近在Re Carnival Group International Holdings Ltd [2022] HKCFI 2668一案中，本所代表呈請人成功申請將嘉年華國際控股有限公司（「該公司」）清盤。該公司是一家在香港聯合交易所（「聯交所」）上市的百慕達公司。在本案中，法院澄清及確認其將外國公司清盤的司法管轄權。此外，法院命令就訟費問題將該公司董事（「董事」）加入為被告人，因此日後假如公司在欠缺理據的情況下反對清盤呈請，董事或須就呈請人及支持清盤的債權人的訟費承擔個人責任。

背景

該公司在百慕達註冊成立，並根據香港前《公司條例》第XI部註冊為海外公司，其股份在聯交所上市，股份代號 996。該公司是一家投資控股公司，持有在香港、中國內地及英屬維爾京群島註冊成立的附屬公司（統稱「該集團」）。該集團主要在中國內地經營主題式休閒及消費業務。

A recent decision of the Cayman Islands Grand Court is an important reminder that a liquidator's costs claimed from trust assets must be proportionate and reasonable, and will be refused on certain grounds.

Background

Introduction & Background

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Introduction

简介

最近在Re Carnival Group International Holdings Ltd [2022] HKCFI 2668一案中，本所代表呈请人成功申请将嘉年华国际控股有限公司（「该公司」）清盘。该公司是一家在香港联合交易所（「联交所」）上市的百慕达公司。在本案中，法院澄清及确认其将外国公司清盘的司法管辖权。此外，法院命令就讼费问题将该公司董事（「董事」）加入为被告人，因此日后假如公司在欠缺理据的情况下反对清盘呈请，董事或须就呈请人及支持清盘的债权人的讼费承担个人责任。

背景

该公司在百慕达注册成立，并根据香港前《公司条例》第XI部注册为海外公司，其股份在联交所上市，股份代号 996。该公司是一家投资控股公司，持有在香港、中国内地及英属维尔京群岛注册成立的附属公司（统称「该集团」）。该集团主要在中国内地经营主题式休闲及消费业务。

Directors who oppose company windings up with little more than a hope that a restructuring proposal may bear fruit may have to weigh their actions carefully going forward, following a recent decision by the Hong Kong Companies Court.

The Jersey insolvency legislative and common law framework provides an adaptable and commercially focussed regime for the supervision and handling of the liquidation and restructuring of Jersey entities. This note addresses the different mechanisms by which Jersey incorporated companies may be wound up.

Winding up of a solvent company

A solvent, or "summary", winding up commences where the shareholders voluntarily pass, or are deemed to pass, and file, a special resolution to do so and the directors have confirmed either that the company:

This week’s TGIF considers In the matter of Nicolas Criniti Pty Ltd (In Liquidation) [2022] NSWSC 1149 which examined the intersection between the winding up provisions in the Corporations Act 2001 (Cth) and the Building and Construction Industry Security of Payment Act 1999 (NSW).

Key takeaways

Restructuring and Insolvency analysis: The respondents to a claim brought by the joint liquidators of BHS Group companies have successfully struck out parts of claims brought under sections 212 and 214 of the Insolvency Act 1986 (IA 1986) on the basis of open-ended pleadings as to the relevant date of knowledge that insolvent liquidation was inevitable and trading should have ceased.

Chandler v Wright and others [2022] EWHC 2205 (Ch)

What are the practical implications of this case?