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Legal Updates
Legal update: TCSP licensees – assessing risk and keeping records
Since 1 March 2018 any person who intends to carry on a trust or company service business in Hong Kong (i.e. a trust and company service provider (“TCSP”)) is required under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”) to apply for a licence from…Read More
Legal update: Arbitration clauses and insolvency proceedings revisited
Introduction In a recent Court of Appeal judgment, But Ka Chon v Interactive Brokers LLC[1] (“But Ka Chon”), Tanner De Witt was successful in resisting an appeal by a debtor who had sought to set aside a statutory demand issued by a leading online trading…Read More
Legal update: “blue pencilling” restrictive covenants post Tillman v Egon Zehnder
The UK Supreme Court handed down judgment in Tillman v Egon Zehnder [2019] UKSC 32 on 3 July 2019. This judgment is important as it clarifies the principles of “severance” applicable to post-termination restrictive covenants under which the Court is able to sever or remove…Read More
Legal update: The complaint process in domestic violence cases
There is no criminal offence of “domestic violence”. Domestic violence is a general term used to describe all acts of violence; threatening behaviour; physical, sexual or emotional abuse used by one person to control or dominate another, in a family environment. An assailant can be…Read More
Legal update: An introduction to statutory insolvency set-off
Business relationships are not straightforward, and a company can be a supplier and a purchaser at the same time. It is not an uncommon practice for companies to off-set their debt owed to another company with the receivables they should be receiving from that same…Read More
Legal update: Privacy, Politics and Protests: Perspectives on privacy issues in Hong Kong
Personal data privacy is often seen as one of the lesser legal rights in this part of the world. You are in a coffee shop, and click through the free wifi Terms of Use. You’re using a new site to buy an experience holiday, and…Read More
Legal update: A Beneficiaries’ right to request information from Trustees
The principles established in Schmidt v Rosewood Trust Ltd [2003] relating to a beneficiaries’ right to request information from trustees was recently confirmed by the England & Wales High Court in Lewis v Tamplin [2018]. In Lewis the settlor set up a trust and left…Read More
Legal update: What you need to know about convertible loan notes
This article was originally published on Zegal.com as “Everything You Need To Know About Convertible Loan Notes”. My present favourite startup financing document is the convertible loan note. Ask me next week, and it will be something else. The convertible loan note has enough good…Read More
Legal update: Landmark decision by HK CFA to allow civil service spousal benefits and joint tax assessments to same sex couples
On 6 June 2019 Hong Kong’s Court of Final Appeal handed down a landmark unanimous decision allowing same sex couples to enjoy equal spousal benefits in civil service and to file joint tax assessments in Hong Kong. Facts The Appellant, Leung Chun Kwong, a Hong…Read More
Libel update: Definitions of words used in social media posts not to be found in dictionaries!
In a recent high-profile Facebook libel case following an acrimonious divorce in Stocker v Stocker, the UK Supreme Court has ruled that when determining the natural and ordinary meaning of words published on social media – fleeting and hastily written – the First Instance Judge…Read More
Legal update: Increase of Statutory Minimum Wage effective 1 May 2019
Effective from 1 May 2019, the rate of Statutory Minimum Wage has been increased from HK$34.50 to HK$37.50 per hour. The monetary cap on the requirement of employers recording the total number of hours worked by employees has also been revised to HK$15,300 per month. …Read More
The New Profit Tax Exemption Regime for Funds in Hong Kong
Introduction The Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 (“Bill”) which introduces a new set of preferential profit tax treatment for both eligible onshore funds and offshore funds, was published in the Government Gazette on 7 December 2018. The Bill, if made…Read More
