Excellent Asia (BVI) Ltd v Mas Media Group Ltd[2021] HKCFI 3605
In March 2020, the Petitioner presented a petition to wind up the Respondent company, which is incorporated in the Cayman Islands, on the ground of insolvency.
Failing to state in the Petition how the three core requirements are satisfied, the Petitioner subsequently took out a summons seeking to introduce a re-amendment to assert matters that are capable of satisfying the three core requirements.
Nuoxi Capital Ltd (In Liquidation in the British Virgin Islands) v Peking UniversityFounder Group Co Ltd[2021] HKCFI 3817
Re Wang Huimin[2021] HKCFI 3472
The Bankrupt, Madam Wang, is a Chinese citizen and holds a PRC resident identity card. She has been residing in Shanghai since she was born. The Petitioner is Madam Wang’s younger brother.
On March 23, 2022, Massachusetts-based Footprint Power Salem Harbor Development LP and certain affiliates, which operate a 674 MW natural gas-fired combined-cycle electric power plant in Salem, Massachusetts, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10239).
Re Hsin Chong Construction Co Ltd (No 4)[2021] 5 HKLRD 489, [2021] HKCFI 3451
Re Ho Suet Hung[2021] HKCFI 3836
A bankruptcy order was made against the Bankrupt on 16 October 2018. Upon the consent of the Official Receiver, being the provisional trustee, the Bankrupt opened a bank account at Standard Chartered Bank (“SCB Account”) to receive her monthly salary. The Trustees were subsequently appointed whereupon the OR ceased to be provisional trustee.
In the recent case of Stubbings v Jams 2 Pty Ltd [2022] HCA 6, the High Court has allowed an appeal relating to asset-based lending (ABL) and the enforceability of security associated with these loans. The High Court held that whilst asset-based lending itself is not unconscionable, certain conduct may render loans and security unenforceable. The decision is a reminder that lenders should ensure the circumstances of potential borrowers are fully scrutinised prior to lending.
In the recent case of Re Joint and Several Liquidators of Ozner Water International Holding Ltd 浩澤淨水國際控股有限公司 (In Liquidation) [2022] HKCU 940, the Hong Kong Court of First Instance (Hong Kong Court) granted an application by the liquidators (Liquidators) of Ozner Water International Holding Ltd. (Company) for a letter of request for recognition and assistance (Letter of Request) to be issued to the Shenzhen Intermediate People’s Court (Shenzhen Court).
In an ex parte on short notice application, the Cayman Islands Grand Court considered the four hurdles that must be overcome for the appointment of joint provisional liquidators (JPLs).
The application was brought by an individual investor in Seahawk China Dynamic Fund (the Applicant and the Company). The Applicant submitted that he became aware of dishonest conduct on the part of Hao Liang (Mr Liang) who held all of the management shares in the Company.
The standalone moratorium has been a seldom used restructuring tool since its introduction under the Corporate Insolvency and Governance Act 2020.