News & Analysis as of

Hong Kong Insolvency

BCLP

HK Security of Payment Bill: Government Responds to Submissions from the Public

BCLP on

The Hong Kong Government received 37 submissions from the public in July 2024 regarding the Construction Industry Security of Payment Bill (“Bill”) and held discussions with deputations from different stakeholders at a LegCo...more

BCLP

HK Security of Payment Bill: An Insolvency Exception to Ban Against “Pay When Paid” Clauses?

BCLP on

On 16 July 2024, the Hong Kong LegCo Bills Committee which is considering the Construction Industry Security of Payment Bill (“Bill”) held a meeting to receive representations and submissions on the Bill from deputations sent...more

Hogan Lovells

Trading in the twilight – a recent UK case may pose risks for Hong Kong company directors who “postpone the inevitable"

Hogan Lovells on

When a company is in financial distress, directors face difficult choices. Should they trade on to try to “trade out” of the company’s financial difficulties or should they file for insolvency? If they act too soon, will...more

White & Case LLP

Arbitration and Insolvency: A Comparative View from England & Wales, Singapore and Hong Kong

White & Case LLP on

If the agreement between a creditor and debtor refers disputes to arbitration, what limits should be placed on the creditor to pursue winding-up proceedings based on an unpaid debt under that agreement? Should a court simply...more

A&O Shearman

Sanction for scheme of arrangement refused by Hong Kong court: Key takeaways

A&O Shearman on

Notwithstanding that the requisite statutory majority was obtained in the relevant creditors’ scheme meeting, the Hong Kong Companies Court refused to sanction a scheme of arrangement propounded by a company that professed to...more

A&O Shearman

Insolvency vs Arbitration – Privy Council’s revival of the “Established Approach”

A&O Shearman on

How does an arbitration clause, or an exclusive jurisdiction clause in favour of foreign courts, affect insolvency proceedings? The effect of an arbitration clause, or an exclusive jurisdiction clause in favour of foreign...more

Hogan Lovells

No clear picture - Hong Kong court criticises legal representatives in refusing to sanction scheme of arrangement

Hogan Lovells on

A Hong Kong court has refused to sanction a scheme of arrangement, saying that practitioners should explain the key terms and effect of any proposed restructuring in a way which can be easily understood by the creditors and...more

Hogan Lovells

Hong Kong Court of Appeal rules arbitration agreement trumps winding-up petition in insolvency

Hogan Lovells on

The Hong Kong Court of Appeal has finally laid to rest the vexed issue of whether an arbitration agreement or a winding-up petition should take precedence in an insolvency situation. In two parallel decisions, the Court of...more

Conyers

Successfully Secures Dismissal of Application to Set Aside a Statutory Demand in the British Virgin Islands

Conyers on

On 8 February 2024, the Honourable Mr Justice Paul Webster KC dismissed an application to set aside a statutory demand served on Angola Group Holdings Limited (the “Company”) by Bai Jun Tian Cheng Limited (“Bai Jun”). Conyers...more

Hogan Lovells

Not set in stone – Hong Kong court approves post-implementation modifications to scheme of arrangement

Hogan Lovells on

The Hong Kong High Court has given a rare order for modifications to a scheme of arrangement after it had been implemented incorrectly by the scheme administrators. Drawing on instances in which the English courts have...more

Hogan Lovells

Liquidator knows best - Hong Kong court rejects bid to force information disclosure on funding and strategy

Hogan Lovells on

A Hong Kong court has rejected a bid to force liquidators to provide information and documents regarding their plans and strategies on related litigation as well as information on legal costs and funding arrangements....more

Mayer Brown

Understanding the Trends: A Review of Insolvency Litigation in Hong Kong in 2023

Mayer Brown on

Insolvency litigation witnessed intriguing developments across multiple aspects in Hong Kong in 2023, ranging from the court’s updated Practice Direction on Bankruptcy and Winding-Up Proceedings to on-going debate surrounding...more

A&O Shearman

SGCA sets a limit on debtors invoking arbitration clauses to resist winding up applications

A&O Shearman on

In Founder Group (Hong Kong) Ltd v Singapore JHC Co Pte Ltd (2023), the Court of Appeal set limits on a debtor’s ability to resist a winding up application by pointing to an arbitration clause in the underlying agreement....more

Mayer Brown

Unravelling the Legal Landscape: Key Highlights of Company Litigation Developments in Hong Kong in 2023

Mayer Brown on

Here we present a concise summary of significant cases and developments in company litigation in Hong Kong in 2023. Highlights include: 1. Subject company's participation in unfair prejudice proceedings: The Court once...more

Hogan Lovells

Insolvency in a modern age – Official Receiver filing changes now in force in Hong Kong

Hogan Lovells on

New statutory provisions have come into effect that will modernise the way documents are filed with the Official Receiver in Hong Kong. The changes, which took place on the last working day of 2023, pave the way for the...more

Hogan Lovells

Insolvency and construction in Hong Kong – building in the uncertainties

Hogan Lovells on

According to a recent report, nearly 6,000 construction companies in the UK are in danger of going out of business. In Hong Kong, a major contractor has lost its licence and was removed from the government's registered list...more

Hogan Lovells

Hong Kong and PRC Restructuring & Special Situations 2023 year in review - Key insolvency decisions in Hong Kong and the People’s...

Hogan Lovells on

The past twelve months have been a time of continuing significant developments in courtled corporate rescues in Hong Kong, all within the flexible confines of the common law and in the continued absence of a statutory...more

Hogan Lovells

Arbitration agreements vs. winding up petitions – Hong Kong Court of Appeal to decide

Hogan Lovells on

On 25 October 2023, the Hong Kong Court of First Instance granted leave to appeal the decision in Shandong Chenming Paper Holdings Ltd [2023] HKCFI 2065 to dismiss a winding up petition in favour of arbitration. This opens...more

Conyers

A Clever Shortcut? Thoughts on the China Properties Group Case

Conyers on

In the case of Re China Properties Group Limited (in Liquidation) [2023] HKCFI 2346, the Hong Kong Court has shown its commitment to providing assistance to local liquidators appointed by it by asserting in personam...more

Conyers

Cayman Court Exercises Inherent Jurisdiction to Restore a De-Registered Company

Conyers on

In a recent judgment Re Cradle Holdings Inc. (FSD 318 of 2022, unreported, 4 September 2023), the Chief Justice of the Cayman Islands ruled on the novel issue as to whether and by what route a company which has been...more

Hogan Lovells

AnAn affirmed – Singapore court confirms arbitration agreements trump winding-up applications

Hogan Lovells on

The Singapore High Court has again confirmed that a winding-up application concerning a disputed debt that is subject to an arbitration agreement will be dismissed if the arbitration agreement is prima facie valid and covers...more

Conyers

Important Takeaways for Bondholders: Do They Have Rights as Contingent Creditors?

Conyers on

The Cayman Islands Grand Court recently delivered its judgment in Re Shinsun Holdings (Group) Co., Ltd. FSD 192 of 2022 (DDJ) (21 April 2023) (unreported) (the “Shinsun Judgment”) in which the court determined the ultimate...more

Hogan Lovells

Agree to disagree - does winding-up or arbitration take precedence in insolvency?

Hogan Lovells on

Three recent Hong Kong first instance court decisions have left undecided the question of whether a winding-up petition will trump an agreement to arbitrate when it comes to a winding-up and particularly in the context of...more

Latham & Watkins LLP

Hong Kong and BVI Courts Differ on Whether Noteholders Have Standing to Petition for Winding-Up

Latham & Watkins LLP on

The Hong Kong Court confirmed that noteholders with beneficial interest in global notes do not have standing to present winding-up petitions against issuers. Meanwhile, the BVI Court reached the opposite conclusion in a...more

Conyers

Private Client & Trust Bulletin: Summer 2023

Conyers on

Welcome to the latest edition of our Private Client and Trust bulletin. It is a pleasure to update you on various topics that we hope you will find of interest. As in previous editions we bring you updates from Bermuda...more

78 Results
 / 
View per page
Page: of 4

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide