Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Winding up rules

  • 27 Aug 2009

    RE LEHMAN BROTHERS ASIA HOLDING LTD

    Citation
    RE LEHMAN BROTHERS ASIA HOLDING LTD
    Court
    Court of First Instance
    Case number
    HCCW443/2008

    The court held that remuneration of provisional liquidators appointed under section 193 and continuing in office after a winding up order under section 194(1)(aa) is to be assessed by the court under its inherent jurisdiction; the Maxwell Principles apply; bills of agents employed by such provisional liquidators are not automatically subject to taxation under the Winding Up Rules absent the limited class of provisional liquidators contemplated by the 2000 amendments or a subsequent challenge on passing of accounts; the provisional liquidation period ends when the court appoints a liquidator;…

  • 27 Aug 2009

    RE LEHMAN BROTHERS SECURITIES ASIA LTD

    Citation
    RE LEHMAN BROTHERS SECURITIES ASIA LTD
    Court
    Court of First Instance
    Case number
    HCCW437/2008

    The court held that provisional liquidators appointed under section 193 and who continued in office after a winding up order under section 194(1)(aa) have their remuneration assessed by the court in the exercise of its inherent jurisdiction; assessment is governed by the Maxwell Principles; agents' fees employed by provisional liquidators do not require mandatory taxation under the Winding Up Rules absent statutory applicability or subsequent challenge when accounts are passed; the period of provisional liquidation ends only when the court appoints liquidators following meetings; the judge wi…

  • 27 Aug 2009

    RE LEHMAN BROTHERS FUTURES ASIA LTD

    Citation
    RE LEHMAN BROTHERS FUTURES ASIA LTD
    Court
    Court of First Instance
    Case number
    HCCW464/2008

    The court held that provisional liquidators appointed under s.193 and continuing in office under s.194(1)(aa) have their remuneration assessed by the court under its inherent jurisdiction (Maxwell Principles apply); the 2000 amendments and related definition do not convert s.193 provisional liquidators into statutory liquidators for the purpose of s.196(2) or automatically subject their agents' bills to taxation; provisional liquidation ends when the court appoints liquidators following meetings; the judge may appoint an assessor under s.53 to assist, and the assessor was appointed to conside…

  • 21 Aug 2008

    THE OFFICIAL RECEIVER v. STEVEN TODD KRAUSE

    Citation
    THE OFFICIAL RECEIVER v. STEVEN TODD KRAUSE
    Court
    Court of First Instance
    Case number
    HCMP531/2008

    The court was satisfied on the evidence (including prior removal orders and the Official Receiver's reports) that the respondent committed multiple, persistent and serious breaches of his statutory duties as liquidator, ignored court orders and failed to cooperate; these breaches justified the exercise of discretion to make a disqualification order for protection of the public and governance of insolvency administration; a six‑year disqualification was appropriate applying the established bracket guidance; the disqualification takes effect from the beginning of the 21st day after the order.