Important Changes under the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016-Part 2: Streamlining the Winding Up Process
Robert Clark and Richard Hudson
This is the second in a series of articles highlighting the changes to be brought in by the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance), which was gazetted on 3 June 2016 and will come into effect on a date to be appointed by the Secretary for Financial Services and the Treasury. Full article »
Court of Appeal confirms that Court does have jurisdiction to grant leave to amend a creditor’s winding-up petition to include debts accrued after its presentation
Robert Clark
In Re Hin-Pro International Logistics Ltd, CACV 54/2016, the Court of Appeal upheld the Court of First Instance (CFI) decision that the court does have jurisdiction to grant leave to amend a creditor’s winding-up petition, to include debts accrued after its presentation. Full article »
Citron Research Case – Landmark Decision on Dissemination of False or Misleading Information to Induce Transactions
Peter So
On 26 August 2016, the Market Misconduct Tribunal (Tribunal) found that Andrew Left had engaged in market misconduct, having published on a website, a false and misleading report (Report) regarding a company listed on the Hong Kong Stock Exchange, following which there was a substantial fall in its share price. Full article »
Court of Appeal lays down new guidelines for discounts on sentencing on guilty pleas
Karen Menon (Karen Dicks)
On 2 September 2016, the Court of Appeal laid down new guidelines on sentencing discounts on a guilty plea in two appeal cases (HKSAR v Ngo Van Nam, CACC 418/2014 and HKSAR v Abdou Maikido Abdoulkarim, CACC 327/2015). Full article »
Hong Kong’s Law Reform Commission recommends Third Party Funding for Arbitrations
KK Cheung
In our March 2016 newsletter, we reported that the Third Party Funding for Arbitration Sub-Committee (Sub-Committee) of Hong Kong’s Law Reform Commission had published a consultation paper recommending that Third Party Funding Agreements be permitted for arbitrations in Hong Kong.
On 12 October 2016, following the consultation period, the Law Reform Commission published a report (Report) recommending that the Arbitration Ordinance (Cap.609) be amended to state that Third Party Funding in arbitration and associated proceedings under the Arbitration Ordinance is permitted and should also apply to funding of services provided in Hong Kong in relation to arbitration taking place outside Hong Kong. Full article »
When does an expert witness have a duty to disclose disciplinary proceedings against him?
Felicity Yeung
The Court of Appeal held, in Harvest Treasure Limited v Cheung Fat Enterprises Limited, CACV 67/2016, that an expert witness has a duty to disclose voluntarily the outcome of disciplinary proceedings against him, when he is found guilty of a charge, resulting in a sentence, which curtails his right to practise as a member of a professional body. Full article »
Can disputes in relation to business management decisions be arbitrated?
Andrew Law
In recent years, we have seen an increase in the use of arbitration clauses in joint venture agreements and shareholders’ agreements intending to resolve disputes in relation to business management decisions. Is this workable in reality? Full article »
Materiality of Inside Information – A Negative Illustration in Warderly Case
Peter So
On 4 August 2016, the Market Misconduct Tribunal ruled that Mr Lo Hang Fong (Lo), former Company Secretary of Warderly International Holdings Limited (Warderly), and Mr Luu Hung Viet Derrick (Luu), a lender and potential investor of Warderly, had not engaged in insider dealing in the shares of Warderly. Full article »