Regional news: Hong Kong

Creditor meetings bypassed for Cayman health company’s Hong Kong liquidation

A Hong Kong court has appointed liquidators over a Cayman healthcare company accused of fraud, after dispensing with creditor meetings and rejecting opposition from contributories.

09 April 2021

English court sanctions gategroup restructuring plan

Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland.

26 March 2021

Luckin Coffee wins New York recognition but objections remain

China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.

24 March 2021

Dissolved BVI companies restored after “catastrophic” mistake

Two BVI companies that were part of Tokyo-headquartered alternative investor Pacific Alliance Group and were erroneously liquidated and dissolved following a “massive breakdown” of communications will be restored to the islands’ company register.

19 March 2021

Linklaters hires in Hong Kong

Magic Circle firm Linklaters has hired two partners from White & Case and Kirkland & Ellis in Hong Kong, as the firm says it plans to strengthen its focus on funds in Asia.

18 March 2021

Hong Kong court blocks Spanish cosmetics maker’s winding-up petition

A Spanish cosmetics manufacturer has been prevented from bringing a winding-up petition against a Chinese partner company, after a Hong Kong court found there was evidence of a “genuine and serious” cross-claim following separate arbitration awards last year.

16 March 2021

Recognition decisions mark “new era” for Hong Kong’s cross-border regime

A Hong Kong court has again emphasised that foreign soft-touch provisional liquidations should not automatically take precedence over local winding-up petitions – in the latest of a trio of decisions one barrister describes as heralding a “new era” for Hong Kong’s cross-border insolvency regime.

15 March 2021

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

Global menswear retailer seeks light touch restructuring in Bermuda

Hong Kong-listed premium menswear retailer Trinity has applied to appoint light touch joint provisional liquidators in Bermuda, three months after Standard Chartered Bank filed winding up petitions against it.

10 March 2021

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