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    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
    Hong Kong Court refused to stay proceedings commenced by creditors in Hong Kong despite recognition of Mainland insolvency proceedings
    2022-03-24

    Nuoxi Capital Ltd (In Liquidation in the British Virgin Islands) v Peking UniversityFounder Group Co Ltd[2021] HKCFI 3817

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Bankruptcy Order annulled for the Petitioner’s failure to satisfy the “business gateway” requirement
    2022-03-24

    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.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Bankruptcy
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    What is a creditor’s entitlement to vote at a creditors’ meeting where the company has a cross-claim against the creditor?
    2022-03-24

    Re Hsin Chong Construction Co Ltd (No 4)[2021] 5 HKLRD 489, [2021] HKCFI 3451

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Trustees held to have no right to compel the Bankrupt to pay any part of his/her income earned during the bankruptcy to the estate absent an income payments order
    2022-03-24

    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.

    Filed under:
    Hong Kong, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Amendment to a scheme by the company on behalf of all scheme creditors allowed as the revised arrangement does not prejudice scheme creditors
    2022-03-24

    Re Samson Paper Holdings Ltd[2021] 5 HKLRD 286

    The Company convened a meeting of unsecured creditors for considering and approving a proposed scheme (“Scheme”) of arrangement restructuring the Company’s unsecured debt. The statutory majority required by section 674 of the CO was obtained and the Company issued a petition seeking the court’s sanction of the Scheme.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The mere assertion that something may be revealed by the liquidator’s investigation; and the pressure and leverage of the prospect of winding up are not sufficient to satisfy the 2nd core requirement
    2022-03-24

    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.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    银行的Quincecare责任范围是否包括保障客户的债权人?
    2022-02-28

    简介

    在Stanford International Bank Ltd (in liquidation) v HSBC Bank PLC [2021] EWCA Civ 535一案中,英国汇丰银行(「汇丰」)被指违反Quincecare责任及提供不诚实的协助,因而被控疏忽。英国上诉法院(「上诉庭」)一致裁定汇丰胜诉,两项申索均被驳回。

    背景

    于2009年倒闭清盘的Stanford International Bank Limited(「原告人」)在2003至2009年期间在汇丰持有多个帐户(「涉案帐户」)。原告人因被用作史上其中一个最大的庞兹骗局而欠债超过50亿美元。原告人的清盘人(「清盘人」)向汇丰提出以下两项申索:

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Scope of a bank’s Quincecare duty: Does it extend to protect the customer’s creditors?
    2022-02-28

    Introduction

    In the case of Stanford International Bank Ltd (in liquidation) v HSBC Bank PLC [2021] EWCA Civ 535, which concerns a negligence claim for breach of Quincecare duty and dishonest assistance against the defendant bank, the English Court of Appeal (“CA”) unanimously found in favour of HSBC Bank plc (“HSBC”) and struck out both claims.

    Background

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

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