COMI as first port of call? Harris J lays out a modified common law framework for recognising foreign insolvency proceedings in Hong Kong

02 August, 2022
Historically, the Hong Kong courts have generally recognised foreign insolvency proceedings commenced in the jurisdiction in which the company is incorporated. This may no longer be the case in Hong Kong following the recent decision of Provisional Liquidator of Global Brands Group Holding Ltd v Computershare Hong Kong Trustees Ltd [2022] HKCFI 1789 (Global Brands). … Read more

Crypto winter is here – what does it mean for insolvency practitioners?

31 July, 2022
The global market in crypto assets is currently experiencing a “crypto winter”, losing approximately US$2 trillion in value since the peak rally in 2021.[1] The price of Bitcoin has retreated approximately 70% from its November 2021 high of nearly US$69,000. In this stormy environment crypto insolvencies are on the rise. However the rapidly evolving nature … Read more

Can a Chapter 15 order discharge US law governed debt for the purposes of the rule in Gibbs? The Rare Earth and Modern Land decisions

19 July, 2022
On 6 June 2022, Mr Justice Harris sanctioned a Hong Kong scheme of arrangement for Rare Earth Magnesium Technology Group (the Company) in re Rare Earth Magnesium Technology Limited [2022] HKFCI 1686 (Rare Earth). In some obiter remarks made in the course of that decision, Harris J suggested that a common restructuring practice might not … Read more

Hong Kong Court issues letter of request under Mainland-Hong Kong arrangement for recognition in respect of Cayman company

04 April, 2022
In a further development to cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has issued a letter of request to a Mainland Court requesting recognition and assistance of Hong Kong liquidators appointed over a Cayman company, under the mutual recognition arrangement introduced on 14 May 2021 (the Arrangement, see our … Read more

Launch of leading Australian book on schemes of arrangement

01 December, 2021
After almost 9 years in the making, the much anticipated 4th edition of Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement has finally been released in conjunction with the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney. The 4th edition covers developments since 2013 and around 800 new … Read more

Herbert Smith Freehills and Nikki Smythe recognised in global TMA Turnaround/Transaction of the Year Awards

21 October, 2021
We are delighted that Herbert Smith Freehills and partner Nikki Smythe have been recognised by Turnaround Management Association (TMA) in the global 2021 Turnaround/Transaction of the Year Awards for her work on the acquisition of Virgin Australia out of voluntary administration. Herbert Smith Freehills joins Bain Capital, Clayton Utz, Deloitte, Houlihan Lokey, and KordaMentha, in … Read more