Draft Guidelines Jointly Published by the Competition Commission and the Communications Authority, by Gilbert Leung
On 9 October 2014, the Competition Commission (Commission) and Communications Authority (CA) jointly published the following draft Guidelines to the Competition Ordinance:- Full article
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Court of Appeal Upholds Suspension of Bankruptcy Periods on Basis of Unsatisfactory Conduct of Bankrupts, by Richard Hudson and Cathy Wu
Section 30A(1) of the Bankruptcy Ordinance (Cap. 6) (the “BO”), provides that the bankruptcy period, for a person who has been adjudged bankrupt for the first time, runs for four years. However, section 30A(4) of the BO provides eight grounds upon which the Court, on the application of the trustee in bankruptcy or a creditor, can order the suspension of a bankruptcy period – in effect lengthening the period of bankruptcy. Full article
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Solicitor Convicted of Money Laundering, by Peter So
On 19 September 2014, Wu Wing Kit (Wu), a solicitor and partner of Hong Kong law firm, Fred Kan & Co (FKC), was sentenced to 6 years’ imprisonment for money laundering. This case highlights the importance of solicitors carrying out due diligence in respect of their clients’ identity and the transactions instructed to be carried out, in particular, the source of any funds that are to pass through or be held in the solicitor’s bank accounts, and if there are grounds to support a suspicion, solicitors should make a report to the Joint Financial Intelligence Unit (JFIU). Full article
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The New Arbitration Rules of the London Court of International Arbitration (LCIA), by Philipp Hanusch
On 1 October 2014, the new London Court of International Arbitration Rules (“LCIA Rules”) came into effect. The new LCIA Rules follow the trend set by other institutions, such as the HKIAC and ICC, to make the arbitral process more efficient. This article provides an overview of the key changes. Full article