Category: Liquidation

Draft CVL Bill Open to Abuse

By Stephen Briscoe The draft bill was put into the public domain on 10 July with an 18 day period for parties to make representations.  The draft bill runs to 77 pages, whilst the draft notes run to another 20

Potentially Voidable Transactions in Hong Kong Liquidations

By Wong Teck Meng In recent months we have come across several situations where directors of companies have got themselves into difficulties – simply because they were trying to help the company get out of its difficulties. In this post

Official Receiver’s Panel Scheme Tender for 2014

The Race To The Bottom Continues Another year another tender. Well, not quite. In this case the tender only comes around every two years, but one thing that doesn’t change is the inexorable downward pressure on fees. For this year’s

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,

To Sue or not to Sue – A Liquidators’ Perspective

By Wong Teck Meng & Derek Lam Time and time again liquidators of insolvent companies and trustees of bankrupts are faced with potential litigation which they must decide whether to commence or continue.  This is the first of two posts

Panel T Appointments – The Dilemma

By Stephen Briscoe, Managing Director, BWA In 1996 Hong Kong’s Official Receiver’s Office (“ORO”) introduced what was known at the time and still is for that matter, as Panel A (Administrative Panel of Insolvency Practitioners for Court Winding-Up). Panel A,

Protection of Wages on Insolvency Fund (Update 2)

The long awaited changes to Hong Kong’s Protection of  Wages on Insolvency Fund (PWIF) have moved one step closer to becoming law. As we explained on 18 October 2011, (read here), the changes will now allow employees to claim from

Results of the Official Receiver’s Panel T Tender for Summary Liquidations

It’s that time of the year again when the Hong Kong Administration announces the outcome of its latest tender for private-sector firms to undertake summary liquidations. The results of the latest tender can be found here on the Official Receiver’s

Regulating Order Obtained in Yu Kee Food Company Limited (In Compulsory Liquidation)

Following the winding-up of the Company on 29 August 2011, Nichole Chan and Stephen Briscoe were appointed joint and several liquidators of the Company on 26 October 2011. This appointment was made by way of a Regulating Order pursuant to

Protection of Wages on Insolvency Fund (Update 1)

A few weeks ago we drew attention to the proposed changes to the Protection of Wages on Insolvency Fund (“PWIF”) which would mean that employees could be paid up to a maximum of HK$10,500 by the PWIF in respect of