Tag Archives: private wealth and trusts

Government launches consultation on enhancing transparency of beneficial ownership of Hong Kong companies

The Government has launched a two month consultation exercise on proposals to enhance the transparency of beneficial ownership of Hong Kong incorporated companies. This is part of a number of reform proposals aimed at bringing Hong Kong in line with … Continue reading

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Filed under Hong Kong and Singapore, Private wealth and trusts

Tax transparency – a looming issue for Private Groups?

In efforts to increase the “public awareness of corporate tax issues,” tax transparency has been a popular policy option to “maintain public pressure on aggressive tax practices”. Whilst the focus has typically been on large multinationals, broader tax transparency measures … Continue reading

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Filed under Australia, Tax

Hong Kong Court refused to make a grant of administration ad colligenda bona for lack of special circumstances and special justification

In Re Oung Chi Lian Fang (HCMP2347/2015), the Hong Kong High Court refused an ex parte application for a grant of administration ad colligenda bona under s.36 of the Probate and Administration Ordinance. Introduction Ad colligenda bona grants are temporary … Continue reading

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Filed under Australia, Hong Kong and Singapore, London, Offshore, Private wealth and trusts

Where’s Wally – what happens when a trustee cannot locate the beneficiaries?

In Wah Ying Cheong Co Ltd v Chan Kwok Ping & Ors [2015] HCMP 3059C/1997, the Court held that where a trustee is unable to locate beneficiaries under a trust, the Court may order payment of trust monies into Court … Continue reading

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Filed under Private wealth and trusts

Promises, promises, promises – Hong Kong Court considers inter-vivos gifts and proprietary estoppel

In Li Miaoli and Others v Chan Shu Fong and Others HCA 845/2011, the Court held that a father did not make an inter-vivos gift of shares to his son. This case is an illustration of how the Court will apply … Continue reading

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Filed under Private wealth and trusts

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 and Singapore, Insolvency, Jurisdiction, Private wealth and trusts

Hong Kong court revokes letters of administration as administrator makes misrepresentations in affirmation

In Fung Sing Wai v. Chow Chiu Wan and Others, the Court revoked letters of administration on the grounds that the administrator failed to establish that she was the deceased's wife and had made misrepresentations in her affirmation in support … Continue reading

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Filed under Private wealth and trusts

The English High Court pierces the corporate veil using the “evasion principle”

In Paul David Wood & Anor v Timothy Darren Baker & Ors, the joint trustees in bankruptcy of the bankrupt's property successfully obtained injunctions freezing the assets and business of the respondents and restraining them from dealing with such assets … Continue reading

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Filed under Private wealth and trusts

The Hong Kong court exercises its power to appoint administrators

In ZENG QILING (A MINOR, BY MOTHER AND NEXT FRIEND WANG LIMEI) v. HOU PO CHU ESTELLA AND ANOTHER, the Court exercised its discretion under section 36 of the Probate and Administration Ordinance (the "Ordinance) to appoint two professional administrators … Continue reading

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Filed under Private wealth and trusts

Interpretation or rectification — when and how can the Court uphold an unclear Will according to the testator’s intentions

In In the matter of the Estate of Florence Rosemary Harte (Deceased) ("Re Harte"), the English High Court had to decide when and how to interpret and rectify a Will to reflect the testator's true intentions. Re Harte affirmed the … Continue reading

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Filed under Private wealth and trusts