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    The Shenzhen Intermediate People’s Court granted recognition and assistance to the liquidators in Samson Paper
    2022-03-24

     有關森信洋紙有限公司 (2021) 粵 03 認港破 1 號

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Singaporean Court of Appeal affirms that members’ consent is required to put a company into voluntary liquidation
    2022-03-24

    Superpark Oy v Superpark Asia Group Pte Ltd and others[2021] SGCA 8

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The English Court considered whether litigation stay on proceedings applies to regulatory action taken against a company in liquidation
    2022-03-24

    The Financial Conduct Authority v Carillion Plc[2021] EWHC 2871 (Ch)

    The Respondent company was put into compulsory liquidation on 15 January 2018 and the Official Receiver was appointed as the liquidator.

    Section 130(2) of the UK Insolvency Act (which is in the same wordings as section 186 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)) provides that:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Financial Conduct Authority (UK), Financial Services and Markets Act 2000 (UK)
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Seeking an injunction to restrain the winding-up of a foreign company in Hong Kong? The burden is high
    2022-03-24

    Silver Starlight Limited v China CITIC Bank Corporation Limited, Tianjin Branch &Others[2021] HKCA 1248

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Privatisations
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Hsin Chong Saga continued to the CFA: in applying Section 182, it is important to identify the property being disposed of
    2022-03-24

    Re Hsin Chong Construction Co., Ltd.[2021] HKCFA 14

    The Company and Build King Construction Limited (“Build King”) entered into a joint venture agreement (the “JV Agreement”) in November 2013 to form and operate a joint venture (the “JV”). The JV was subsequently awarded a government contract for a major project in June 2016 with the Company taking a 65% interest and Build King the remaining 35%.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The Scope of a bank’s Quincecare duty to protect an insolvent customer from its own fraudulent controller: Does it extend to protect the customer’s creditors?
    2022-03-24

    Stanford International Bank Ltd (in liquidation) v HSBC Bank PLC[2021] EWCA Civ 535

    Stanford International Bank Limited (“SIB”), which collapsed into liquidation in 2009, held multiple accounts with HSBC between 2003 to 2009 (“Accounts”). SIB had debts in excess of US$5 billion arising from its being used as the vehicle for one of the largest Ponzi schemes in history. The liquidators of SIB (“Liquidators”) made two claims against HSBC as follows:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Liquidator (law)
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    In setting aside a number of money transfers as transaction at an undervalue, the Court draws adverse inferences against the Defendants from their failure to call the Bankrupt as a witness
    2022-03-24

    Ho Man Kit And Another v Lo Siu Chu Judy And Another[2022] HKCFI 133

    The Plaintiffs in this case were the joint and several trustees of Li Bao Tian (“B”), who was adjudged bankrupt on 7 December 2016. The 1st and the 2nd Defendants (collectively, “Defendants”) are mother and son. B was in an intimate relationship with the 1st Defendant, albeit whilst legally married to another woman and is the father of the 2nd Defendant.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Application by persons who had been made the subject of an order for private examination dismissed for lack of legitimate interest in the trustee’s removal
    2022-03-24

    Lee Siu Fung Siegfried[2021] 5 HKLRD 627

    In January 2001, a bankruptcy petition was presented against Mr. Lee Siu Fung Siegfried in respect of a HK$322 million debt arising out of a guarantee given by him. In or around September 2016, the trustees in bankruptcy obtained an order for the private examination of Mr. Lee and the Applicants, who are the younger brother and son of Mr. Lee.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Bankruptcy
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The new judicial approach when dealing with self-petitions in the future - To prevent abuse of process
    2022-03-24

    Re So Tsz Man[2021] HKCFI 3732

    This case concerns the self-petitions presented by four debtors for their own bankruptcy (the “Four Petitions”). The Four Petitions (i.e. Re So  Tsz  Man(HCB  7033/2020), Re  Lee  Wing(HCB 7299/2020), Re Tam Wai Yiu(HCB 7569/2020) and Re Qiu Wenjun(HCB 3930/2021) shared a substantial similar fact pattern:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Court of Appeal provided guidelines on liquidators’ application for direction under s.200(3) of Cap 32
    2022-03-24

    Re Hsin Chong Construction Co Ltd (Provisional Liquidators: Application for Directions)

    [2021] 5 HKLRD 212, [2021] HKCA 1581

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers

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