Hong Kong Case Law: Decisions & Judgments

Topic

Ancillary liquidation

Legal area

Court

5 Aug 2022

RE CHAN PUI SZE AND OTHERS

Citation

[2022] HKCFI 2386
Court

Court of First Instance
Case number

HCMP859/2022

The Court ordered the company wound up in Hong Kong under section 327 Cap 32 because the three core criteria were satisfied: the company’s listing on the Hong Kong Stock Exchange established sufficient connection; there was a reasonable prospect that a Hong Kong winding up would benefit the petitioner because assets and cash are in Hong Kong and the Cayman liquidators considered a Hong Kong liquidation necessary; and there are creditors within Hong Kong over whom the Court can exercise jurisdiction. The Court also declined to make any order in relation to the Recognition Application and order…
23 Jun 2022

PROVISIONAL LIQUIDATOR OF GLOBAL BRANDS GROUP HOLDING LTD (IN LIQUIDATION) v. COMPUTERSHARE HONG KONG TRUSTEES LTD AND ANOTHER

Citation

[2022] HKCFI 1789
Court

Court of First Instance
Case number

HCMP644/2022

The court recognised the Bermuda provisional liquidator and granted limited assistance—powers to secure documents and to receive and transfer the Hong Kong bank balances—because the liquidator’s authority as the company’s lawful agent under private international law and the principles of modified universalism entitled him to managerial assistance to collect local assets; full statutory powers under the Ordinance cannot be conferred by the common law, and future common law recognition and assistance should be primarily guided by the company’s COMI subject to narrow exceptions.
6 Mar 2013

RE PIONEER IRON AND STEEL GROUP CO LTD

Citation

RE PIONEER IRON AND STEEL GROUP CO LTD
Court

Court of First Instance
Case number

HCCW322/2010

The persons described as petitioners (the BVI liquidators) did not have locus under s179(1) and the purported identity error was not a mere formal defect remediable under amendment rules; accordingly the application to re-amend the petition to change the petitioner was dismissed. Notwithstanding that defect, the Court found there was a sufficient connection with Hong Kong (notably the Company's controlling mind resident here and investigatory benefits still to be obtained) and that a winding-up could be warranted; the petition was therefore adjourned to permit a proper party with locus (eg a…
13 Aug 2007

RE INFORMATION SECURITY ONE LTD

Citation

RE INFORMATION SECURITY ONE LTD
Court

Court of First Instance
Case number

HCCW212/2007

The court granted an ancillary winding-up order because the statutory and common law tests were satisfied: there was a sufficient nexus with Hong Kong (central management, resident director, local bank balances, Hong Kong subsidiaries), a reasonable possibility that creditors would benefit, and the court could exercise jurisdiction over persons interested in distribution; accordingly the company was ordered wound up and costs charged to its assets.
2 Aug 2004

RE ZHU KUAN GROUP CO LTD

Citation

RE ZHU KUAN GROUP CO LTD
Court

Court of First Instance
Case number

HCCW874/2003

The court held that Hong Kong had jurisdiction under section 327 because ZK Group had a sufficient connection to Hong Kong (direct and indirect shareholdings, subsidiaries, substantial loan facilities governed by Hong Kong law and receivables) and there was a reasonable possibility of benefit to creditors (potential recoveries and investigatory value, including challenges to share charges and use of s221 powers); accordingly the petition should not be struck out and the provisional liquidators' powers should not be restricted to local asset recovery.

Hong Kong Case Law

RE CHAN PUI SZE AND OTHERS

PROVISIONAL LIQUIDATOR OF GLOBAL BRANDS GROUP HOLDING LTD (IN LIQUIDATION) v. COMPUTERSHARE HONG KONG TRUSTEES LTD AND ANOTHER

RE PIONEER IRON AND STEEL GROUP CO LTD

RE INFORMATION SECURITY ONE LTD

RE ZHU KUAN GROUP CO LTD