Hong Kong to Introduce Corporate Rescue Regime and Insolvency Trading Regime

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

Good faith in bad times

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

Hong Kong Court continues to recognise and assist Mainland insolvency proceedings

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

Singapore Court of Appeal introduces a lower standard of review for debtors defending a disputed debt that is subject to an arbitration agreement

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