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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
New Statement on Professional Ethics in Liquidation and Insolvency
From 1 April 2012 Hong Kong insolvency practitioners will have to contend with a much expanded statement on “Professional Ethics in Liquidation and Insolvency” in the HKICPA’S Code of Ethics for Professional Accountants (the “Code”). The new statement on “Professional Ethics in Liquidation and Insolvency”…Read More
New Legislation on Anti-Money Laundering and Counter-Terrorist Financing Anti-money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap 615) (AMLO) -Effective date 1 April 2012
The AMLO is concerned with making Consumer Due Diligence (CDD) and compulsory record keeping by financial institutions enforceable by law. It should be noted that new offences have been introduced for failure to observe the CDD provisions set out under Schedule 2 of the AMLO….Read More
Protection of Wages on Insolvency (Amendment) Ordinance 2012
Employees in Hong Kong famously enjoy a relatively liberal 12 days of statutory holidays every year (statutory holidays are referred to as “public holidays” in certain other jurisdictions where, rather confusingly, the term “statutory holidays” is used to refer to annual leave). When you factor…Read More
Reserve Director
Are you a sole director and shareholder of a Hong Kong company? A board of directors generally exercise most of the powers of a company and in the case where there is only one director, that sole director is the only person who can exercise…Read More
