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 separate case. In the recent case of Re Leading Holdings Group Limited [2023] HKCFI 1770, the Hong Kong Court of First Instance (Court) decided, for the first time, on the issue of the locus of an investor of a global note to present a winding-up petition as a contingent creditor.