Liquidation

Hong Kong must depart from "English" approach to common law recognition

The “restricted” view that common law recognition favours proceedings in a debtor’s place of incorporation does not serve Hong Kong well, Mr Justice Harris has said in a decision adjourning the recognition of soft-touch provisional liquidators appointed in “questionable” circumstances in Bermuda.

11 March 2021

BVI liquidators secure novel Hong Kong ruling

The BVI liquidators of a company connected to an insolvent mainland Chinese university group have secured recognition in Hong Kong, allowing them to file potentially novel proceedings in the jurisdiction – while the demise of a pioneering cinema chain has sparked fears for Hong Kong’s real economy.

11 March 2021

Hin Leong wound up in Singapore after JMs fail to find buyer

Singapore oil trader Hin Leong is set to be wound up after its judicial managers failed to secure a sale of its assets, nearly a year after a financial scandal scuppered its restructuring moratorium.

10 March 2021

Cayman oil company wound-up after Canadian action withdrawn

An Australian litigation funder has obtained a Cayman winding-up order against a client that had its arbitral award sequestered in Albania, after withdrawing enforcement proceedings in Canada.

08 March 2021

“Their conduct was reprehensible”: Singapore court slaps down local liquidators

The liquidators of a Singaporean engineering company and counsel from Tan Kok Quan and Rajah & Tann have been rebuked by the city-state’s Court of Appeal for deliberately misleading and seriously breaching their duties to the court.

04 March 2021

Hong Kong liquidators denied share delisting review

The liquidators of a Cayman sanitary ware company have failed to secure a judicial review of its share delisting in Hong Kong, which came despite it pursuing a scheme of arrangement.

02 March 2021

Abraaj fund manager denied liquidators’ documents in Cayman Islands

An investment manager that operated within UAE private equity group Abraaj has failed to obtain documents from the Cayman liquidators of an Abraaj subsidiary, after a court blocked it from bringing litigation due to third-party confidentiality concerns.

01 March 2021

US shareholders seek to wind up Cayman crypto trading platform

US shareholders of a cryptocurrency trading platform are seeking to wind it up in the Cayman Islands, alleging its directors breached their fiduciary duties by allowing the conflicted CEO of OneWeb to take it over; meanwhile, a Cayman court has appointed provisional liquidators over a Hong Kong-based investment holding company.

05 February 2021

Winding-up injunction requirements clarified in Hong Kong

Hong Kong’s Mr Justice Harris has clarified the test that courts will apply when considering whether to block a winding-up petition, emphasising that debtors must show the petition is an abuse of process to prevent it.

03 February 2021

Guernsey fund’s liquidators secure emergency US discovery powers

The voluntary liquidators of a Guernsey-incorporated fund have secured provisional US recognition in New York, along with powers to examine transfers made by a Delaware real estate group.

29 January 2021

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