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…Continue Reading
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…Continue Reading
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…Continue Reading
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…Continue Reading
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…Continue Reading
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…Continue Reading
Panel T Appointments – The Dilemma
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, as many readers will know, was designed to enable non-summary liquidations i.e. those with assets in excess of $200,000 to be…Continue Reading
Provisional Liquidators Appointed in Yu Kee Food
On 19 August 2011, Mr Stephen Briscoe and Ms Chan Pui Sze, both of Briscoe Wong Advisory, were appointed joint and several provisional liquidators of Yu Kee Food Company Limited (“Yu Kee”) by the High Court of the Hong Kong SAR. Yu Kee was established in 1990 and is one of the key food chain stores…Continue Reading