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Monthly Archives: February 2015
Challenges of Cross-Border Insolvencies
The UNCITRAL Model Law on Cross-Border Insolvency, Hong Kong and the Commonwealth Background The United Nations Commission on International Trade Law (UNCITRAL) initiated the Model Law against the backdrop of increasing incidence of cross-border insolvencies. National insolvency laws were considered ill-equipped to deal with cases…Read More
Responsibilities Beyond Regulations: Mis-selling: Civil Liability for Negligence and for giving Negligent Advice
A talk presented to the Hong Kong Confederation of Insurance Brokers Annual Conference 2008. I am going to start with a discussion of the basic principles involved in the tort of negligence and go on to discuss how the law of negligence has been applied…Read More
The New Case Management Regime in the High Court of Hong Kong
Introduction The High Court of Hong Kong (comprising the Court of First Instance and Court of Appeal) has introduced significant reforms of its civil procedure, with new Rules that came into effect on 2 April 2009. The aim of the reforms is, in short, to…Read More
The Time Is Ripe: Introducing a Corporate Rescue Procedure
Introduction On May 13 2009 Secretary for Financial Services and Treasury Professor KC Chan announced that the government is considering the introduction of a new corporate rescue procedure that would provide a statutory grace period for companies facing short-term financial difficulty, allowing them to restructure…Read More
Liquidator’s Avoidance Powers: Unfair Preference and Fraudulent Conveyance
Background In an insolvent winding up in Hong Kong, a liquidator’s primary duties are to realize the company’s assets and settle its liabilities. In doing so, the liquidator will review past conduct, decisions and actions in relation to the operation of a company and the…Read More
New Case Management Regime Poses Problems for Liquidators
Introduction The High Court, which comprises the Court of First Instance and the Court of Appeal, has introduced significant reforms of its civil procedure in the form of new rules that came into effect on April 2 2009. The reforms will have an impact on…Read More
Civil Justice Reform case: Strike out for want of prosecution Nanjing Iron & Steel Group International Trade Co Ltd (HCAJ 177 of 2006)
Introduction One of the underlying objectives of the Civil Justice Reform (“CJR“) is to ensure that a case is dealt with as expeditiously as is reasonably practicable (Order 1A, rule 1(b) of the Rules of High Court). The recent judgment delivered by The Honourable Mr…Read More
Litigation Funding in Hong Kong – Out of the shadows at last?
Third-party funding of litigation has been a growth industry in several common law jurisdictions over the last few decades. However, Hong Kong has lagged behind in the development of this industry, most likely due to the fact that in Hong Kong the funding of litigation…Read More
Private Placement in Hong Kong
Background Hong Kong as an international financial hub has a robust private placement regime which provides a cost-effective means for companies, especially small and medium enterprises, to raise capital without having to resort to the time-consuming and expensive process of a public offering such as…Read More
Doing business in Hong Kong
Introduction On 1 July 1997, sovereignty over Hong Kong transferred to the People’s Republic of China with Hong Kong designated the Hong Kong Special Administrative Region of the PRC. Upon resumption of sovereignty to China, Hong Kong became subject to the Basic Law, which is…Read More
Overview of the Insolvency Regime in Hong Kong
1 Issues Arising When a Company is in Financial Difficulties 1.1 How does a creditor take security over assets in Hong Kong? Generally speaking, a creditor taking security over the assets of a Hong Kong company is most likely to do so by either a…Read More
Mediation – Recent Court Decisions in Hong Kong
Introduction Meditation is a voluntary process where the parties agree to appoint an objective third party (the mediator) to help to resolve the problem out of court. This method of alternative dispute resolution is designed to save time and costs of litigation. Since 1 January…Read More
