No loss to issuers puts note trustees in the spotlight.
The Hong Kong Court of Final Appeal (CFA) has overturned the Court of Appeal’s order that Peking University Founder Group Company Limited (PUFG), as the keepwell...more
4/30/2025
/ Appeals ,
Breach of Contract ,
Business Entities ,
Capital Markets ,
Contract Terms ,
Corporate Bonds ,
Corporate Governance ,
Corporate Issuers ,
Deeds ,
Financial Institutions ,
Hong Kong ,
Offshore Companies ,
Securities ,
Subsidiaries ,
Trustees
This resolution is important for contractors’ rights to retention monies in construction contracts.
The Hong Kong Court of First Instance (CFI) held in a recent judgment that, whilst the absence of segregation is not...more
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
Two recent landmark decisions provide valuable guidance on this commonly used form of credit enhancement.
Keepwell deeds have in recent years grown into a common form of credit enhancement used by companies in mainland...more
7/6/2023
/ Bonds ,
China ,
Debt Instruments ,
Debt Restructuring ,
Enforceability ,
Exclusive Jurisdiction ,
Financial Instruments ,
Hong Kong ,
Liquidation ,
Popular ,
Subsidiaries
A bankruptcy petition should not proceed if the debt is disputed and subject to an exclusive jurisdiction clause in favour of a foreign court.
The Hong Kong Court of Final Appeal (CFA) has ruled that if a bankruptcy...more
This is the first decision by the Hong Kong Court on whether clients of a crypto exchange have proprietary claims to cryptocurrencies held on the platform. It confirms that cryptocurrency constitutes property under Hong Kong...more
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.
A recent first instance decision in Hong Kong has highlighted an important...more
11/10/2022
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Debt Restructuring ,
Foreign Debt ,
Hong Kong ,
Insolvency ,
Jurisdiction ,
Scheme of Arrangement ,
UNCITRAL
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.
A recent first instance decision in Hong Kong has relied upon the so-called rule in Gibbs...more
The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street.
The Hong Kong court has for the first time recognised the...more