No loss to issuers puts note trustees in the spotlight.
The Hong Kong Court of Final Appeal (CFA) has overturned the Court of Appeal’s order that Peking University Founder Group Company Limited (PUFG), as the keepwell...more
4/30/2025
/ Appeals ,
Breach of Contract ,
Business Entities ,
Capital Markets ,
Contract Terms ,
Corporate Bonds ,
Corporate Governance ,
Corporate Issuers ,
Deeds ,
Financial Institutions ,
Hong Kong ,
Offshore Companies ,
Securities ,
Subsidiaries ,
Trustees
In January 2025 in Beijing, a delegation of INSOL members led by Andrew Koo (INSOL Fellow) and John Lees (INSOL Past President) together with Hong Kong barrister Michael Lok, Alexander Tang (INSOL Fellow), and Howard Lam...more
The evolution of the English RP continues to push the jurisdictional envelope.
The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP....more
2/14/2025
/ Bankruptcy Court ,
Corporate Governance ,
Corporate Restructuring ,
Cramdown ,
Creditors ,
Debt Restructuring ,
Debtors ,
Forum Shopping ,
Hong Kong ,
Insolvency ,
Pari Passu ,
Regulatory Requirements ,
Restructuring ,
Shareholders ,
State-Owned Enterprises ,
UK ,
UK Insolvency Act
Welcome to our Litigation 2024 Year in Review and 2025 Outlook. In this report, we examine the legal trends that have shaped the commercial landscape in Europe and the UK and explore how these developments are likely to...more
2/11/2025
/ Arbitration ,
Class Action ,
Competition ,
Contract Disputes ,
Corporate Governance ,
Cryptocurrency ,
Data Privacy ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Financial Institutions ,
Insolvency ,
Litigation Strategies ,
Mergers ,
Regulatory Reform ,
UK ,
Whistleblower Protection Policies ,
Whistleblowers
A recent ruling by the Hong Kong Court of Appeal has strengthened the robustness of keepwell deeds as enforceable English law governed obligations.
The Hong Kong Court of Appeal has unanimously upheld the appeals of the...more
This resolution is important for contractors’ rights to retention monies in construction contracts.
The Hong Kong Court of First Instance (CFI) held in a recent judgment that, whilst the absence of segregation is not...more
The SEHK guidance sets out the framework for its assessment in considering a waiver application of the increasingly popular automatic share buyback program.
The Stock Exchange of Hong Kong Limited (the SEHK) has issued a...more
The Hong Kong Court confirmed that noteholders with beneficial interest in global notes do not have standing to present winding-up petitions against issuers.
Meanwhile, the BVI Court reached the opposite conclusion in a...more
Two recent landmark decisions provide valuable guidance on this commonly used form of credit enhancement.
Keepwell deeds have in recent years grown into a common form of credit enhancement used by companies in mainland...more
7/6/2023
/ Bonds ,
China ,
Debt Instruments ,
Debt Restructuring ,
Enforceability ,
Exclusive Jurisdiction ,
Financial Instruments ,
Hong Kong ,
Liquidation ,
Popular ,
Subsidiaries
A bankruptcy petition should not proceed if the debt is disputed and subject to an exclusive jurisdiction clause in favour of a foreign court.
The Hong Kong Court of Final Appeal (CFA) has ruled that if a bankruptcy...more
This is the first decision by the Hong Kong Court on whether clients of a crypto exchange have proprietary claims to cryptocurrencies held on the platform. It confirms that cryptocurrency constitutes property under Hong Kong...more
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.
A recent first instance decision in Hong Kong has highlighted an important...more
11/10/2022
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Debt Restructuring ,
Foreign Debt ,
Hong Kong ,
Insolvency ,
Jurisdiction ,
Scheme of Arrangement ,
UNCITRAL
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.
A recent first instance decision in Hong Kong has relied upon the so-called rule in Gibbs...more
Asia’s private debt market has gained increased investor attention in recent years. While private debt fundraising peaked in 2019 before a hiatus during the COVID-19 pandemic, direct lending dry powder levels are now steadily...more
The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street.
The Hong Kong court has for the first time recognised the...more
In Hong Kong, the statutory framework for regulating the affairs of insolvent companies is found in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (the “C(WUMP)O”) and the Companies (Winding Up)...more
Hong Kong has long served as a financial center for Asia. Now, as demand for capital in mainland China increases, and Chinese restrictions are easing, the region is poised for greater cross-border activity in the financial...more
Section 1 – Bank licences -
1.1 What licences or approvals do lenders need to have if lending to a borrower in this jurisdiction if a) the lender is a bank or b) the lender is not a bank?
Under the Money Lenders...more
NDRC’s easing of restrictions will likely facilitate Chinese companies’ entrance into international debt capital and loan markets.
Introduction -
On 14 September 2015, China’s National Development and Reform...more
New SAFE cross-border security rules will ease restrictions on offshore bond offerings and other offshore financings by Chinese companies.
Introduction –
On May 19, 2014, China’s State Administration of Foreign...more