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The Hong Kong Securities and Futures Commission’s (SFC) proposal for sweeping enforcement-related reforms would significantly impact the regulatory landscape in Hong Kong. If the proposals are adopted as drafted, firms and individuals will need to prepare themselves for the more aggressive enforcement action and potentially greater financial consequences. Our detailed e-bulletin on the proposed reform … Read more
In the recent decision of Royal Bank of Scotland International Ltd (Respondent) v JP SPC 4 and another (Appellants) (Isle of Man) [2022] UKPC 18, the Privy Council confirmed that a bank would not owe a Quincecare duty to any third party beneficial owners of monies held in an account. In this blog post, we … Read more
The Hong Kong High Court has recently granted proprietary remedies over bitcoins that were misappropriated by a fraudulent agent in Nico Constantijn Antonius Samara v Stive Jean Paul Dan [2022] HKCFI 1254. The victim was granted relief to recover the misappropriated bitcoins, sale proceeds and the fruits thereof. This decision suggests that bitcoins, and by … Read more
The Hong Kong Court of Final Appeal has taken a practical approach in interpreting the second core requirement, out of three needed, for a Hong Kong Court to exercise its discretion to wind up a foreign company. Bringing much relief to creditors, it has decided that commercial pressure to achieve repayment of a debt is … Read more
Last week, the Hong Kong Court of Appeal refused to grant liquidators (the “Liquidators“) of Galleria (Hong Kong) Limited (“Galleria“), a Hong Kong company, leave to appeal to the Court of Final Appeal in relation to their action against one of Galleria’s former lenders (the “Bank“) for knowing receipt, dishonest assistance and fraudulent trading. The … Read more
On 15 June 2022, the Hong Kong Legislative Council passed the Employment (Amendment) Bill 2022 (Bill), which has been introduced by the Hong Kong Government in February 2022 – during the outbreak of the fifth wave of Covid-19 in the city. The Bill will come into force on a date to be gazetted and will … Read more
The long-awaited changes, which will abolish the current MPF offsetting arrangements against severance or long service payment, have been published, introduced and passed as one of the first bills for the 2022 legislative session. This article gives an overview of the changes and transitional arrangements. Abolishing the offsetting arrangement Currently, employers are permitted to offset … Read more
Herbert Smith Freehills has secured an important judgment from the Hong Kong Court of Appeal, C v D [2022] HKCA 729, regarding escalation clauses – contractual provisions which require negotiation or mediation before either party can begin formal proceedings. These clauses are intended to promote the efficient resolution of disputes, but often lead to costly … Read more
Mark Smyth (Partner, Sydney) and Jojo Fan (Partner, Hong Kong) discuss the rapidly increasing developments in climate change and ESG litigation globally including greenwashing, inadequate disclosure and challenges for manufacturing and governments. They share their insights on what the future of climate litigation may hold for the consumer sector. Watch Listen About the Future of … Read more
