In the recent case of Re Prosafe SE; Chang Chin Fen v Cosco Shipping (Qidong) Offshore Ltd [2021] CSOH 94 (Re Prosafe), the Scottish Court of Session has dismissed an application by Norwegian ship-operator Prosafe for the Court to stay enforcement of English law governed claims in support of Prosafe’s Singapore moratorium process. The application … Read more

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

The Court of First Instance recently rejected an attempt by Bank of China (Hong Kong) Limited (BOCHK) to strike out various claims brought against it by the liquidators of China Medical Technologies (China Medical). The liquidators’ claims related to BOCHK’s handling of funds deposited with it by China Medical’s former officers, which were allegedly obtained … Read more

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

The Hong Kong Court has broken yet more new ground by recognising Mainland China reorganisation proceedings for the first time in Re HNA Group Co Limited [2021] HKCFI 2897. Previously, Mainland China liquidation proceedings have been recognised by the Hong Kong Court (for the first time in CEFC Shanghai International Group Ltd [2020] HKCFI 965, … Read more

ASIC has issued a new regulatory instrument extending the deferral period for lodgement of financial reports and holding a company’s annual general meeting (AGM) for certain companies in external administration. Read more

It is well-established that certain core jurisdictional requirements must normally be met before a Hong Kong Court will exercise its discretion to wind up a foreign company (Core Jurisdictional Requirements). These were explained in our previous post: there must be a sufficient connection with Hong Kong, but this does not necessarily have to consist in … Read more

An effective restructuring process will need to apply in all relevant jurisdictions where creditors may seek to enforce their debts against the company. There are often choices for the best implementation mechanism for a cross-border restructuring, which will need to take into account the global footprint and capital structure of each business. Frequently a bespoke … Read more