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
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
The Hong Kong Court of Appeal has confirmed that the court should respect the effect of an exclusive jurisdiction clause in bankruptcy proceedings, just as it does in ordinary civil actions. To do otherwise, it said, it would...more
Directors who opposed a winding up action citing an unrealistic restructuring proposal have now been ordered to pay costs, after a swift follow-on decision by the Hong Kong Companies Court....more
A Hong Kong court has severely criticised the provisional liquidators (PLs) appointed by the court in the company’s place of incorporation in the Cayman Islands, for trying to interfere with the rights of creditors in Hong...more
The Hong Kong court has sanctioned a scheme of arrangement for a Hong Kong-listed, Bermuda-incorporated fertilizer manufacturer based in the mainland. In doing so, the Honorable Mr Justice Harris also warned holders of U.S....more
Creditors seeking to enforce an undisputed debt against a solvent foreign non-Hong Kong company in the courts of Hong Kong will welcome the recent judgment of the Court of Final Appeal (CFA) in Shandong Chenming Paper...more
For the first time in England & Wales, a court has ordered the winding-up of a listed plc on the grounds of loss of substratum – the abandonment of the company's original main object and purpose. If Hong Kong follows this...more
KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER RUSSIAN LAW - The main piece of the legislation that regulates the activities of parties in insolvency proceedings in the Russian Federation is the...more
In this article we look at current trends and developments at the intersection between insolvency and dispute resolution, including a rundown of some of the latest legislative changes, and issues to consider when litigating...more
In Hong Kong, the statutory framework for regulating the affairs of insolvent companies is found in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (the “C(WUMP)O”) and the Companies (Winding Up)...more
In Re Lamtex Holdings Limited, the Hong Kong Companies Court recently ordered the winding-up of a Bermuda-incorporated Hong Kong-listed company. While the winding-up in Hong Kong of a foreign-incorporated company is not...more
Introduction - On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (“CIGA”) came into force. CIGA is intended to relieve some pressure on businesses operating during the COVID-19 pandemic, and also to...more