Error: Can't connect Warning: mysqli_query() expects parameter 1 to be mysqli, null given in /home/customer/www/hsfnotes.com/public_html/wp-content/themes/hsfnotes/template-parts/tpl_filters.php on line 186
Warning: mysqli_fetch_assoc() expects parameter 1 to be mysqli_result, null given in /home/customer/www/hsfnotes.com/public_html/wp-content/themes/hsfnotes/template-parts/tpl_filters.php on line 187
Introduction and legislative history Recently, on 10 November 2023, the Hong Kong Government announced that the Mainland Judgments in Civil and Commercial Matters (Reciprocal Enforcement) Ordinance (Cap. 645) (the “Ordinance“) will become effective on 29 January 2024. This marks a new chapter for mutual recognition and enforcement of judgments in Mainland and Hong Kong. The … Read more
If an internally maintained sanctions list returns red flags, but the entity is not on an official sanctions list, is that sufficient to justify activating a sanctions clause to deny payment to that party? What considerations should financial institutions take into account when managing risk in dealing with sanctioned, or potentially sanctioned, entities? These are … Read more
By way of an update to the series of recent Court of First Instance decisions on whether a winding up petition ought to be stayed where the underlying dispute is governed by an arbitration clause, Harris J has very recently granted the Petitioner in Re Shandong Chenming Paper Holdings Ltd [2023] HKCFI 2731 leave to … Read more
Where a winding up petition is based on a debt arising from a contract with a non-Hong Kong exclusive jurisdiction clause, the court will tend to dismiss or stay the winding up petition in favour of the parties’ agreed forum unless there are strong countervailing factors. The Court of Final Appeal confirmed this approach in … Read more
In the current economic climate, more and more companies are getting into financial difficulties, informal workouts by debtor companies, with support from certain creditors, seem to be increasingly common. The latest English High Court decision of Henderson & Jones Ltd v Ross & Ors [2023] EWHC 1276 (Ch) highlights a possible litigation risk for the … Read more
The PRC has passed a new law which will apply the “restrictive” approach to foreign state immunity with effect from 1 January 2024. As a result, foreign states will not be granted immunity from suit or execution in the PRC in respect of commercial activities. The PRC government has indicated that the same approach should … Read more
In R. (on the Application of PACCAR Inc) v Competition Appeal Tribunal [2023] UKSC 28 (judgment handed down on 26 July 2023), the UK Supreme Court held that litigation funding agreements with third parties who play no part in the conduct of litigation, but who are to be paid a share of any damages recovered by … Read more
When a company is in the so-called “twilight zone” approaching insolvency, it is well-established that the directors’ fiduciary duties require them to take into account interest of creditors (the so-called “creditor duty”). In the recent decision of Stephen John Hunt v Jagtar Singh [2023] EWHC 1784 (Ch), the English High Court examined whether it is necessary … Read more
Following the Court of Final Appeal’s landmark decision in Guy Lam, Hong Kong’s Court of First Instance (the “Court”) considers that winding-up petitions can be stayed by reason of ongoing cross-claims that are the subject of an arbitration clause Recently, the Court of Final Appeal confirmed that a Hong Kong bankruptcy petition should generally be … Read more
