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Corporate Insolvency & Restructuring

Our work for insolvency practitioners and appointment takers include obtaining orders for examination of former directors and other court directions for investigations into the company’s affairs and recovery of assets.

 

For administration of the company’s liquidation, we have advised liquidators in adjudication of creditor claims and have acted for creditors to appeal decisions of the liquidator.  We also advise and assist liquidators in relation to third party funding, taxation matters and applications to exercise powers requiring court sanction.

 

We have also assisted stakeholders to stay the winding-up of a company to facilitate corporate rescue (white knight) to revive the company.

 

If you would like to know more about our insolvency & restructuring practice or how we can help your business, please contact us at (852) 2810 1212 or at insolvency@onc.hk.

 

Please refer to our articles in ‘Knowledge’

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Following the Court of Appeal’s decision in Re Legend International Resorts Ltd [2006] 2 HKLRD 192, it is well established in Hong Kong that the appointment of provisional liquidators under section 193 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong) (the “CWUMPO”) to restructure a company is not allowed. This presented difficulty to provisional liquidators who consider that restructuring, rather than winding up a company, would be more advantageous to the creditors. However, for companies incorporated outside Hong Kong, a solution may have presented itself on 21 February 2017 when the Supreme Court in Bermuda (the “Supreme Court”) handed down its judgment in In the matter of Z-Obee Holdings Limited and in the matter of the Companies Act 1981 [2017] SC (Bda) 16 Com, which indicates that companies in Hong Kong incorporated in Bermuda can avoid being caught by Legend by appointing provisional liquidators in Bermuda for restructuring purposes.
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