Stop, collaborate and listen: first recognition and assistance granted to Mainland liquidators in Hong Kong

    In a long-awaited development of cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has granted recognition and assistance to Mainland liquidators for the first time in Joint and Several Liquidators of CEFC Shanghai International Group Ltd [2020] HKCFI 167. Background CEFC Shanghai International Group Ltd (“CEFC“), a company incorporated in … Read more

    PAPERLESS HONG KONG – BILL FACILITATING ELECTRONIC COURT FILING GAZETTED

      As part of the Legislative Council’s Information Technology Strategy Plan, The Court Proceedings (Electronic Technology) Bill (Bill), which was gazetted on 27 December 2019 and passed through the First Reading stage on 8 January 2020, takes the Hong Kong courts a step closer to being paperless. The Bill facilitates the filing and sending of … Read more

    TRUSTEES TAKE COMFORT – HIGH COURT UPHOLDS BROAD SCOPE OF EXONERATION CLAUSES

    Summary Trustees often seek to limit their liability in the form of exoneration clauses in trust deeds. As such,  it is generally difficult for a beneficiary to challenge a trustee’s decision that falls within the scope of the exoneration clause. In Sofer v SwissIndependent Trustees SA [2019] EWHC 2071 (Ch), the England and Wales High … Read more

    When will the courts find it necessary to imply terms into agreements?

    The English High Court in Lehman Brothers International (Europe) (In Administration) v Exotix Partners LLP [2019] EWHC 2380 (Ch) found it necessary to imply a term to a debt security trade agreement that was otherwise unworkable. It is generally uncommon for a Court to imply terms into a commercially negotiated agreement given the restrictive nature of … Read more

    Recent judgments in the UK consider Quincecare duty of care relevant to deposit holding financial institutions processing payment mandates

    The UK Supreme Court has recently upheld a claim for breach of the so-called Quincecare duty of care, which requires a financial institution to refrain from executing a customer’s payment mandate if (and so long as) it is “put on inquiry” that the payment order is an attempt to misappropriate its customer’s funds: Singularis Holdings … Read more