Insolvency

Singapore and Delaware courts adopt Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency matters

On 1 February 2017, the Supreme Court of Singapore and the United States Bankruptcy Court for the District of Delaware announced that they will formally implement the Guidelines for Communication and Cooperation between Courts in Cross-border Insolvency Matters ("Guidelines").   … Continue reading

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Filed under Insolvency, South East Asia

Herbert Smith Freehills publishes Guide to Restructuring, Turnaround and Insolvency in Asia Pacific 2016

Herbert Smith Freehills has launched the new Guide to Restructuring, Turnaround and Insolvency in Asia Pacific (Guide). The Guide provides an overview of the laws relating to corporate restructuring, turnaround and insolvency (RTI) in 14 major jurisdictions across the Asia … Continue reading

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Filed under Announcements, Insolvency

Recognition of foreign insolvencies at common law: Singapore sets COMI precedent

For the first time, a court has adopted the ‘centre of main interest’ (COMI) as grounds at common law to recognise foreign insolvency proceedings. The decision earlier this year by the High Court of Singapore (the Court) recognised a Japanese … Continue reading

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Filed under Insolvency, Jurisdiction, South East Asia

Better late than never: amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance gazetted

By now, you will all be aware of the recently gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 ("Amendment Ordinance"), heralding as it does a much anticipated refreshment and modernisation of the Companies (Winding Up and Miscellaneous … Continue reading

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Filed under Hong Kong, Insolvency

Hong Kong: Court of First Instance clarifies test for adding debts accrued after presentation of a creditors’ winding up petition

In Re Hin-Pro International Logistics Limited[1], the Hong Kong Court of First Instance held that it has jurisdiction to grant leave to amend a creditor's winding up petition to include debts accrued only after its presentation. The Court adopted the … Continue reading

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Filed under Hong Kong, Insolvency

Hong Kong’s top court finds delay in commencement of bankruptcy period unconstitutional

In the recent case of Official Receiver v Zhi Charles (FACV 8/2015) (5 November 2015), the Court of Final Appeal (the "CFA") found s 30A(10)(a) of the Bankruptcy Ordinance (Cap 6) (the "BO") unconstitutional. Where a bankrupt is not in … Continue reading

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Filed under Hong Kong, Insolvency

Transactions at undervalue and unfair preferences – how will the Court interpret s49 and s50 of the Bankruptcy Ordinance?

In Wong Tak Man, Stephen & Another v Cheung Siu Fai & Ors [2015] HMP 1431/2012, the Court held that transfers of funds made by a bankrupt were not transactions at undervalue or unfair preferences pursuant to s49 and s50 … Continue reading

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Filed under Hong Kong, Insolvency

Hong Kong Court of Final Appeal clarifies the law in respect of shareholders’ petitions to wind up foreign companies on just and equitable grounds

In its landmark decision of Kam Leung Sui Kwan v Kam Kwan Lai & Ors FACV 4/2015, issued yesterday, the Court of Final Appeal has brought some closure to the long running Yung Kee restaurant matter by making a winding … Continue reading

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Filed under Hong Kong, Insolvency, Jurisdiction, Private wealth and trusts

Hong Kong Court considers commercial character of funder in context of assessing commercial funding arrangements for companies in liquidation

The case of Re Company A-E [2015] HCMP 2019/2015 demonstrates that the Court will take a practical approach in determining whether a funding arrangement infringes upon the common law rules against maintenance and champerty. The Court will consider commercial factors, … Continue reading

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Filed under Funding, Hong Kong, Insolvency

Singapore: Third party litigation funding now permissible in the context of insolvency

In the recent landmark decision of Re Vanguard Energy Pte Ltd [2015] SGHC 156, the Singapore High Court confirmed that litigation funding may, in the context of insolvency and under the appropriate circumstances, be permitted in Singapore. This decision is … Continue reading

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Filed under Funding, Insolvency, South East Asia