{"id":29185,"date":"2024-10-31T13:20:07","date_gmt":"2024-10-31T13:20:07","guid":{"rendered":"https:\/\/prelive-tdw.visibleone.app\/insight-and-news\/legal-update-recognition-order-granted-notwithstanding-sfcs-restrictive-notice-and-polices-letter-of-no-consent\/"},"modified":"2026-01-11T08:51:26","modified_gmt":"2026-01-11T08:51:26","slug":"legal-update-recognition-order-granted-notwithstanding-sfcs-restrictive-notice-and-polices-letter-of-no-consent","status":"publish","type":"insight-and-news","link":"https:\/\/www.tannerdewitt.com\/zh-hant\/insight-and-news\/legal-update-recognition-order-granted-notwithstanding-sfcs-restrictive-notice-and-polices-letter-of-no-consent\/","title":{"rendered":"Legal Update: Recognition Order Granted notwithstanding SFC\u2019s Restrictive Notice and Police\u2019s Letter of No Consent"},"content":{"rendered":"\n    \n\n<div style=\"background-image:url('https:\/\/www.tannerdewitt.com\/wp-content\/themes\/tanner-de-witt\/images\/insightdetails.jpeg')\"\n    class=\"insight-news-detail-hero\" id=\"insight-news-detail-hero\">\n\n\t\t<div style=\"background-color:\" class=\"insight-news-detail-hero-overlay \"><\/div>\n            <div class=\"z-[0]\">\n                <div class=\"insight-news-breadcrumbs flex items-end practice-areas-featured-breadcrumbs \">\n                    <a class=\"page-link no-underline\" href=\"https:\/\/www.tannerdewitt.com\/zh-hant\/\">Home<\/a>                <\/div>\n\n\n                <div class=\"hero-title\">\n                    <h1>\n                        Legal Update: Recognition Order Granted notwithstanding SFC\u2019s Restrictive Notice and Police\u2019s Letter of No Consent                    <\/h1>\n                <\/div>\n                \n                    <div style=\"\" class=\"hero-date \">\n\n                        <span class=\"month\">Oct<\/span>\n                        <span class=\"day\">31<\/span>\n                        <span class=\"year\">2024<\/span>\n                    <\/div>\n\n            <\/div>\n    \n\n    \n\n\n\n<\/div>\n\n\n\n<script >\n    (function () {\n        document.addEventListener(\"DOMContentLoaded\", () => {\n\n            const breadCrumbsContainer = Array.from(document.querySelectorAll(\".practice-areas-featured-breadcrumbs\"));\n\n            breadCrumbsContainer.forEach(container => {\n                const breadCrumbLinks = Array.from(container.querySelectorAll('.page-link'));\n                const breadCrumbSeperators = Array.from(container.querySelectorAll('.separator'));\n\n                if (Array.from(breadCrumbLinks).length === 1) {\n                    const homeNode = breadCrumbLinks[0];\n\n                    if (!homeNode) {\n                        return\n                    }\n\n                    const postTypeNode = homeNode.cloneNode(true);\n                    postTypeNode.textContent = \"Insights and News\";\n                    container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                    container.insertAdjacentElement('beforeend', postTypeNode)\n                    breadCrumbLinks.push(postTypeNode);\n\n                    if (\"Insights\") {\n                        const categoryNode = homeNode.cloneNode(true);\n\n                        categoryNode.textContent = \"Insights\";\n                        container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                        container.insertAdjacentElement('beforeend', categoryNode)\n                        breadCrumbLinks.push(categoryNode);\n                    }\n\n\n                    const titleNode = homeNode.cloneNode(true);\n\n                    titleNode.textContent = \"Legal Update: Recognition Order Granted notwithstanding SFC\u2019s Restrictive Notice and Police\u2019s Letter of No Consent\";\n                    container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                    container.insertAdjacentElement('beforeend', titleNode)\n                    breadCrumbLinks.push(titleNode);\n\n\n\n\n                }\n\n                breadCrumbLinks.forEach((link, index) => {\n\n                    link.classList.add('practice-areas-featured-breadcrumb-item-name');\n                    const origin = window.location.origin;\n                    const href = window.location.href;\n\n                    const originSplitter = window.location.href.includes(\"insight-and-news\") ? \"insight-and-news\" : window.location.href.includes('insights-and-news') ? \"insights-and-news\" : \"\"\n\n                    const paths = href.split(originSplitter);\n                    const links = paths[1].split(\"\/\").filter(Boolean)\n\n\n                    const resolvedOrigin = originSplitter ? (href.split(originSplitter)[0] || \"\") : (origin + \"\/\")\n\n                    if (index === 0) {\n\n                        if (!originSplitter) {\n                            link.href = origin\n                        } else {\n                            link.href = resolvedOrigin;\n                        }\n\n\n                    } else if (index === 1) {\n                        link.href = resolvedOrigin + originSplitter\n\n                    }\n                    else if (index === 2) {\n                        console.log(links)\n                        link.href = resolvedOrigin + originSplitter + \"\/\" + (links[0] || \"\")\n                    }\n                    else if (index === 3) {\n\n                        link.href = resolvedOrigin + originSplitter + \"\/\" + (links[0] || \"\") + \"\/\" + (links[1] || \"\")\n\n                    }\n\n\n\n                    \/\/ const words = link.textContent.split(\" \")\n                    \/\/ if (words.length > 4) {\n                    \/\/     link.textContent = words.slice(0, 4).join(\" \") + \"...\"\n                    \/\/ }\n\n                })\n\n                breadCrumbSeperators.forEach(separator => {\n                    separator.textContent = \"\/\"\n                    separator.classList.add('practice-areas-featured-breadcrumb-item-slash')\n                });\n\n\n            })\n\n\n        })\n        removeDivTag()\n    })();\n\n    function removeDivTag() {\n        console.log(\"remasfljas\");\n        const editorContainer = document.querySelector(\".editor-wysiwyg\");\n        \/\/ editorContainer.innerText = editorContainer.innerText.replace(\"<\/div>\", \"\")\n        Array.from(editorContainer.childNodes).forEach(el => {\n            if (el.textContent.includes(\"<\/div>\")) {\n                el.textContent = \"\"\n            }\n        })\n    }\n<\/script>\n<div class=\"editor-wysiwyg my-[40px]\">\n<div class=\"single-section\"><div class=\"single-section\">\n<p>Tanner De Witt acted for Chan Ho Yin (also known as Michael Chan) of Kroll (HK) Ltd and Elaine Hanrahan, the Joint Liquidators of Bull\u2019s-Eye Limited (in Liquidation) (\u201c<strong>BEL<\/strong>\u201d) which was wound up in the BVI on 15 January 2024. BEL is a company connected to Hua Han Health Industry Holdings Limited (formerly listed on Main Board of the HKEx, stock code 587) (\u201c<strong>Hua Han<\/strong>\u201d). Michael Chan is also a one of the joint and several liquidators of Hua Han. BEL held roughly 30% shares in Hua Han and its sole shareholders and directors were the founders of Hua Han. BEL held substantial assets in Hong Kong and required assistance from the Hong Kong court to take control of those assets.<\/p>\n<p>On 23 October 2024, Tanner De Witt successfully obtained a <a href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/search\/search_result_detail_frame.jsp?DIS=163678&amp;QS=%2B&amp;TP=JU&amp;currpage=T\" target=\"_blank\" rel=\"noopener\">judgment<\/a> for recognition and assistance allowing the liquidators to take control of BEL\u2019s substantial assets held in various securities firms. In granting the order DHCJ Le Pichon applied the now well-established legal principles summarised in our <a href=\"https:\/\/www.tannerdewitt.com\/a-one-stop-recognition-order-requiring-non-responsive-third-parties-to-comply\/\">earlier article<\/a> on <strong><em>Re Bridge Global<\/em><\/strong>. As a brief recap, in the 2022 decision of <strong><em>Re Global Brands<\/em><\/strong>, the Court shifted from the traditional approach and held that it would only ordinarily assist foreign officeholders if the relevant insolvency proceedings were commenced in the company\u2019s COMI. \u00a0Otherwise, application for recognition and assistance should be declined unless: <strong>(1)<\/strong> it is limited to recognition of the liquidator\u2019s authority, if appointed in the place of incorporation, to represent the company in furtherance of that authority (namely the \u201cmanagerial assistance\u201d ground); and <strong>(2) <\/strong>other limited and carefully prescribed assistance which does not fall within the first category as a matter of practicality.<\/p>\n<p>The present case concerned the recognition and assistance granted in favour of foreign officeholders appointed pursuant to foreign insolvency proceedings commenced in BEL\u2019s place of <em>incorporation<\/em> (i.e., the BVI) instead of the jurisdiction which is most likely to be its COMI (i.e., Hong Kong). It falls within the exception (1) stated above. The Court\u2019s willingness to offer recognition and assistance on the basis of \u201c<em>managerial assistance<\/em>\u201d and as a matter of practicality in the post-Global Brands era highlights (once again) the Hong Kong Court\u2019s fundamental willingness to assist foreign officeholders.<\/p>\n<p>A novel aspect of this application was that the order was granted notwithstanding that certain securities accounts were subject to either a Letter of No Consent issued by the Hong Kong Police or a Restrictive Notice issued by the SFC prohibiting <em>inter alia<\/em> the disposal of BEL\u2019s assets. The fact that the Court granted the order despite the restrictions further attests to the comment above regarding the Court\u2019s willingness to assist foreign officeholders.<\/p>\n<p><em>Tim Au (Partner), Samantha Chan (Associate) and Tiffany Chan (Trainee) of Tanner De Witt acted for the Joint Liquidators. We were assisted by Justin Ho of Temple Chambers in this matter.<\/em><\/p>\n<p><em>If you would like to discuss any of the matters raised in this article, please contact:<\/em><\/p>\n<p><a href=\"https:\/\/www.tannerdewitt.com\/our-people\/tim-au\/\">Tim Au<\/a><br\/>Partner |\u00a0<a href=\"mailto:TimAu@TannerDeWitt.com\">TimAu@TannerDeWitt.com<\/a><\/p>\n<p><em>The above is not intended to be relied on as legal advice and specific legal advice should be sought at all times in relation to the above.<\/em><\/p>\n\n<\/div><\/div>\n\n<\/div>\n\n\n\n\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Tanner De Witt acted for Chan Ho Yin (also known as Michael Chan) of Kroll (HK) Ltd and Elaine Hanrahan, the Joint Liquidators of Bull\u2019s-Eye Limited (in Liquidation) (\u201cBEL\u201d) which was wound up in the BVI on 15 January 2024. BEL is a company connected to Hua Han Health Industry Holdings Limited (formerly listed on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"tags":[],"insight-category":[1121],"insight-month":[1150],"insight-practice-area":[1122],"insight-year":[1159],"class_list":["post-29185","insight-and-news","type-insight-and-news","status-publish","hentry","insight-category-legal-updates-and-insights","insight-month-october","insight-practice-area-restructuring-and-insolvency","insight-year-1159"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news\/29185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news"}],"about":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/types\/insight-and-news"}],"author":[{"embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":2,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news\/29185\/revisions"}],"predecessor-version":[{"id":31346,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news\/29185\/revisions\/31346"}],"wp:attachment":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=29185"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=29185"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-category?post=29185"},{"taxonomy":"insight-month","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-month?post=29185"},{"taxonomy":"insight-practice-area","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-practice-area?post=29185"},{"taxonomy":"insight-year","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-year?post=29185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}