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After abortive attempts in 2000-2001, 2008-2009, and 2014 to introduce a statutory corporate rescue procedure, the Hong Kong Government has recently announced in a paper submitted to the Legislative Council that it will present the Companies (Corporate Rescue) Bill (the “Bill”) to the Legislative Council in early 2021. Once enacted, the Bill will introduce a … Read more
When is consistency a virtue? Certainly in recognition applications to the Hong Kong Companies Court, and for good reason. A recent pair of contrasting decisions from the Hong Kong Companies Court should be required reading for foreign officeholders seeking recognition of their appointments in Hong Kong. Read more
Can a good faith obligation under PRC law preclude a party from bringing a winding up petition in Hong Kong? A recent Hong Kong Court of First Instance suggests not. In Harbor Prosper (HK) Investments Ltd v. Elegant Profit (Hong Kong) Ltd [2020] HKCFI 2261, the respondent to a winding up petition argued that it … Read more
The recent decision in Re The Liquidator of Shenzhen Everich Supply Chain Co, Ltd (in liquidation in the People’s Republic of China) [2020] HKCFI 965 reaffirms the willingness of the Hong Kong Companies Court (the “Companies Court”) to recognise the winding-up of a company in Mainland China and thereby grant recognition and assistance to liquidators … Read more
In AnAn Group (Singapore) Pte Ltd v VTB Bank (Public Joint Stock Company) [2020] SGCA 33, Justice Steven Chong, delivering the judgment of the Court, (1) overturned the decision of the High Court which allowed a creditor (VTB Bank) to proceed with its winding up petition against a debtor (AnAn), and (2) upheld the arbitration … Read more
In Re China Solar Energy Holding Limited (HCCW 108/2015, 2 April 2020), the Hong Kong Court of First Instance (“CFI”) adjourned a winding-up petition which appeared to have been pursued by the petitioning creditor “in a fit of spite” and which did not appear to be in the creditors’ interests as a whole. The adjournment … Read more
In Champ Prestige International Limited v China City Construction (International) Co, Limited and Dingway Investment Limited, the Hong Kong Court of First Instance reaffirmed the court’s discretion to order the winding-up of a foreign-incorporated company on just and equitable grounds, but refused to stay the winding-up petition in favour of arbitration. Read more
The defendants (“Koo” and “Ling”) were the third wife and daughter of a Mr Lim Por Yen. They were directors of Highfit Development Co Ltd, a company in liquidation. The liquidator (“Mr Arboit”) brought contempt proceedings against Koo and Ling for allegedly breaching court orders made in the liquidation proceedings. On the first day of … Read more
