In Yeung Lui Ming v Tang Mo Lin Irene [2019] HKCFI 1848, the Hong Kong Court of First Instance set aside a sale of cemetery sites and a transfer of shares by a bankrupt individual on the basis that they constituted transactions at an undervalue and/or disposals with intent to defraud the creditors. In arriving … Read more
In Re Galleria (Hong Kong) Limited [2019] HKCFI 1877, the Hong Kong Court of First Instance examined the legal principles in relation to dishonesty and blind-eye knowledge. Background This was an action brought by the liquidators of Galleria (Hong Kong) Limited (GHK) against a bank (the Bank), which was one of GHK’s former lenders, for … Read more
In Re Kaoru Takamatsu [2019] HKCFI 802, [2019] HKEC 906, the Hong Kong Court of First Instance has recognised Japanese insolvency proceedings and granted assistance to a trustee in bankruptcy appointed by the Japanese Court. Mr Justice Harris commented that this was the first application of its kind from Japan. He held that it is … Read more
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
In a highly international cross-border restructuring, the High Court of Hong Kong has refused to assist the New York-based Chapter 11 trustee of a Singaporean subsidiary of the Cayman-incorporated Peruvian business China Fishery Group (“CFG”). Significantly, the Court held that there was no way that the Chapter 11 proceedings could be recognised given the applicant … Read more
Summary In the recent decision of Shandong Chenming Paper Holdings v Arjowiggins HKK 2 Ltd, the High Court of Hong Kong has provided further guidance on the winding up of foreign companies in Hong Kong. Background Shandong Chenming Paper Holding (the “Company“) is a paper conglomerate incorporated in the People’s Republic of CHina with a … Read more
By now, you will all be aware of the recently gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 ("Amendment Ordinance"), heralding as it does a much anticipated refreshment and modernisation of the Companies (Winding Up and Miscellaneous Provisions) Ordinance ("CWUMPO") and the Companies (Winding up) Rules ("CWUR"). Given that the last major … Read more
In Re Hin-Pro International Logistics Limited[1], the Hong Kong Court of First Instance held that it has jurisdiction to grant leave to amend a creditor's winding up petition to include debts accrued only after its presentation. The Court adopted the relevant legal test set out in Re Richbell Strategic Holdings Limited[2] and rejected the more … Read more
