Category: Companies Ordinance

C(WUMP)O: The Dark Side

By Stephen Briscoe Our previous posts have focused on the proposed changes to Hong Kong’s insolvency regime which are scheduled to come before LegCo in the next few months. This post is going to look at the “darker side”, (no,

Draft Changes to HK’s Insolvency Regime – Part V

The 5th article in our series on proposed changes to Hong Kong’s insolvency regime. By Stephen Briscoe Floating Charges At present, if a floating charge is created within 12 months of the commencement of the liquidation it is deemed to

Liquidators & Committees of Inspection

By Stephen Briscoe Conduct of the Winding Up Committee Of Inspection As part of the proposed changes, the Administration has made a number of sensible suggestions that are likely to improve the interaction between liquidators and Committees Of Inspection. For

Constitutionality of Bankruptcy Discharge Provisions Challenged (update)

By Rosenna Mak Just a brief update on our article entitled “Constitutionality of Bankruptcy Discharge Provisions Challenged” published last month reporting that section 30A(10)(a) of the Bankruptcy Ordinance had been ruled to be unconstitutional by the Court of Appeal.  Due

Winding Up – Moving Colonial Legislation into the New Century

By Stephen Briscoe  The existing provisions dealing with the winding-up of companies in Hong Kong are still largely based on the 1948 Companies Act from the UK. Of course, there have been changes over the years, but generally these haven’t

New Companies Ordinance Winding Up and Insolvency Conclusions Published

As most of you are aware, earlier this year the new Companies Ordinance came into force. At that time the parts of the old Companies Ordinance that had not been amended, effectively s.166 onwards, were renamed as The Companies (Winding-up

Bankruptcy – Adjustment of Priority of Creditors’ Costs

The question recently arose in Hong Kong whether a creditor, who has taken action prior to the start of a bankruptcy and whose actions have resulted in the preservation of assets for the general body of creditors, should be able

HK’s New Companies Ordinance a Mouthful

Hong Kong’s  new Companies Ordinance (Cap 622) comes into force 3 March 2014. The changes apply primarily to those sections of the Ordinance that deal with, for want of a better phrase, live companies. Those sections of the Ordinance that

S.228A Liquidations – Take Care!

By Stephen Briscoe, Managing Director Recently, the Court was asked to consider the circumstances in which it was appropriate to use the s.228A procedure to place a company into liquidation. Given that liquidations started using this procedure are relatively infrequent,

Updating the Companies Ordinance

A Missed Opportunity Republished with permission. This article first appeared in INSOL World magazine Q4 2013 By: Stephen Briscoe and Nichole Chan, BWA Hong Kong’s efforts to modernize the city’s corporate insolvency laws have resurfaced almost two decades after the