Category: Liquidators

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.

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

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

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

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

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

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,

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

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.

Litigation Funding for Liquidators: A Coming of Age in Hong Kong

Over the years, liquidators in Hong Kong have frequently been faced with situations where they have established claims by a company in liquidation against third parties, but they have been unable to pursue them because they don’t have sufficient money