The Court of Final Appeal (the CFA) has recently clarified whether a Hong Kong court should exercise its winding-up jurisdiction over foreign companies if the petitioner would derive benefit from the invocation of the court’s winding-up process but not from the making of a winding-up order [1].
Mediation-in-bankruptcy has been an effective tool for resolving mass tort cases.
That effectiveness has been for the benefit of all parties involved, such as:
Between the lines... For Private Circulation-Educational & Information purpose only Vaish Associates Advocates… Distinct. By Experience. I. Supreme Court: NCLT/NCLAT should not sit in appeal over commercial wisdom of the CoC to allow withdrawal of CIRP. The Hon’ble Supreme Court (“SC”) has in its judgment dated June 3, 2022, in the matter of Vallal RCK v. M/s. Siva Industries and Holdings Limited and Others [Civil Appeal Nos.
On 6 June 2022, Mr Justice Harris sanctioned a Hong Kong scheme of arrangement for Rare Earth Magnesium Technology Group (the Company) in re Rare Earth Magnesium Technology Limited [2022] HKFCI 1686 (Rare Earth).
WE WON. WE MADE NEW LAW.
In the Chapter 11 case of Beaulieu Group, LLC (carpet industry in Dalton, Georgia) in the U.S. Bankruptcy Court for the Northern District of Georgia, we defended Auriga Polymers Inc. (a subsidiary of Indorama Ventures) in a preference claim filed by the Beaulieu Liquidating Trustee.
The Supreme Court of the United States granted certiorari on June 27, 2022, to determine whether section 363(m) of the Bankruptcy Code—concerning appellate review of bankruptcy court sale orders—is jurisdictional or only limits the remedy an appellate court may fashion. This issue has split the circuit courts of appeals. The case is set for oral argument in the October 2022 term.
Hong Kong’s insolvency regime is based mainly on that of the United Kingdom. The legislation concerning corporate insolvency is contained largely in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) (“CWUMPO”) and the Companies (Winding-up) Rules. The corporate insolvency and winding up provisions in the legislation are broadly based on the Companies Act 1929 and the Companies Act 1948 of the UK. The last major amendment of those provisions was made in 2016.
A guide to restructuring and insolvency issues and procedures in Hong Kong
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The Supreme Court has held that Section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016 confers discretionary power on the NCLT with respect to admission of application under said provision.
The Court was however of the view that such discretionary power cannot be exercised arbitrarily or capriciously and that NCLT must consider the grounds made out by the corporate debtor against admission, on its own merits.
Trustees in bankruptcy are granted protection from civil claims for acts and omissions under the Bankruptcy and Insolvency Act (“BIA”), as the statute requires that a plaintiff obtain leave of the court to pursue some types of claims.
BMR Slendertone SARL and Slendertone Distribution Inc are wholly owned subsidiaries of Bio Medical Research Limited, an Irish incorporated company involved in the manufacture of electronic muscle stimulation toning products in over 20 countries. Following an unsuccessful examinership, on 2 June 2022 Orders were made winding up the Irish company and appointing a liquidator.