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Companies planning to resist a winding up petition and seek an adjournment on the ground of progressing a restructuring plan are reminded to produce timely and sufficient evidence in support of their application for an adjournment, in particular evidence of creditors’ support, provides the Hong Kong Companies Court (Court) in Re Founder Information (Hong Kong) … Read more
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
