HONG KONG: RECOVERING MONEY FROM DELINQUENT EMPLOYEES

Employers can suffer significant financial and reputational damage from the actions of their employees. While dismissal with or without notice is the most common recourse for serious misconduct or negligence, increasingly employers are looking to take stronger action by recovering their losses from employees guilty of wrongdoing. An employer did just that in the recent … Read more

HONG KONG COURT INTERPRETS PRC-LAW GOVERNED JURISDICTION CLAUSES

In天津市裕豐隆資產管理有限公司 v Ho Kin Wa and Another, HCA 2405/2014 (unrep., 8 March 2019), the Hong Kong Court of First Instance exercised its discretion to stay the Plaintiff’s claim against the 1st Defendant (D1). In arriving at its conclusion, the Court considered (i) whether D1 had waived the right to dispute the jurisdiction of the Hong … Read more

HKMA turns up the heat and announces consultation on IBOR transition

On 12 February 2019, the Hong Kong Monetary Authority (HKMA) announced in a briefing to the Legislative Council Panel on Financial Affairs that the Treasury Markets Association (TMA) will hold a long-awaited consultation this quarter on alternative reference rates. The announcement follows signals from regulators globally that firms should transition away from the London Interbank … Read more

No use lashing out over unpaid debts – cosmetics distribution company avoids winding up order despite failing to establish bona fide defence

In Swiss Cosmeceutics (Asia) Ltd [2019] HKCFI 336, Mr Justice Harris of the Hong Kong Court of First Instance declined to wind up a company despite it failing to establish a bona fide defence on substantial grounds. Mr Justice Harris commented on the difficulties presented by sporadic record keeping, and reiterated the principle that the … Read more