Category

Hong Kong

Category

In brief On 27 May 2022, the Honorable Mr. Justice Harris sanctioned a scheme of arrangement introduced by Rare Earth Magnesium Technology Group Holdings Limited, which was incorporated in Bermuda, to restructure its debt. The Reasons for Decision handed down on 6 June 2022 contain detailed discussions on, among other things, the use of schemes in cross-border insolvencies. The principles addressed by the court are particularly relevant to Hong Kong, where many business groups from…

In brief On 6 May 2022, the Honorable Madam Justice Linda Chan granted a petition for the winding-up (in Hong Kong) of Up Energy Development Group Limited, which was incorporated in Bermuda. Her Ladyship held, among other things, that if a foreign company is not ordered to be wound up in Hong Kong, the Hong Kong court does not have power under the common law to confer any powers on the company’s liquidator appointed in…