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Updates to the Winding-up Provisions of C(WUMP)O – An Opportunity Lost?

By Stephen Briscoe The Administration has now posted its first substantive response to issues raised in front of the LegCo Bills Committee back in November 2015. Here is a link to the response, but in truth it paints quite a dismal picture. First Meeting of Creditors in a Creditors’ Voluntary Liquidation (CVL) Concerns have been expressed regarding…

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Costs Orders Against Liquidators – Or Not!

By Stephen Briscoe The application in this case was to join a funder as a party to an action commenced by the liquidators, the purpose being to make the funder and the liquidators jointly and severally liable for the costs of the unsuccessful action. The action had been commenced by the liquidators to challenge certain…

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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 pages.  To suggest that a draft bill that, (it must be assumed), has been several…

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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 the sake of clarity, the new proposals will provide for the minimum and maximum number…

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When is a Liquidator Not a Liquidator?

By Stephen Briscoe Inducements Together with the changes mentioned in our previous post, the proposals will also “beef-up” the existing prohibition on inducements being offered in relation to the appointment of provisional liquidators, liquidators and receivers. These amendments are to be welcomed, but in truth there is little evidence that the existing provisions do not…

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More Disclosure by Liquidators of Hong Kong Companies Ordinance

More Disclosure for Liquidators; Should Insolvency Practitioners be Licensed? – (The Correct Answer is Yes!) By Stephen Briscoe Who Can Act As A Liquidator This section of the Administration’s proposals focuses on the appointment and control of provisional liquidators and liquidators. There are a number of sensible suggestions about establishing those categories of people who should not…

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