Hong Kong has no statutory corporate rescue mechanism as of April 2014. (HK) Emba is a Partner of Chin & Associates. PDF About the programme - The Hong Kong Institute of Chartered ... The application concerned the embattled Hong Kong energy company, Shanghai Huaxin Group (Hong Kong) Ltd. (Shanghai Huaxin), which entered into provisional liquidation in July 2018 and had a . Regulatory . Michael Chan | Managing Director | Kroll Mr. Ho has been and is the Provisional Liquidator / Liquidator of over 20 0 insolvent cases and is an official liquidator appointed by the . Patrick Cowley - KPMG China Hong Kong Common Law. Mr Tong is the Advisory Partner at Grant Thornton Hong Kong. . He has particular experience dealing with professional negligence, insolvency, fraud, urgent asset preservation, investigations . The programme was first offered in 2000-01. Alan co-founded Rodgers Reidy Hong Kong in order to expand and build the capabilities of its insolvency, forensic and restructuring services. Requirement for Mainboard IPO - Hong Kong Conpak CPA Limited Mr. Ng has been appointed by the Courts or creditors in Hong Kong, the British Virgin Islands, the Cayman Islands and Samoa as a Provisional Liquidator, a Liquidator, an Administrator or a Trustee of various high profile insolvency cases. His practice focuses on civil and commercial disputes with an emphasis on company and . 1. After the order of liquidation is issued, the court will delegate a liquidator, and the Official Receiver can also act as temporary liquidator; the whole process will involve more than many meetings of directors . She has extensive experience in various forensic, restructuring, insolvency, dispute resolution and investigation assignments throughout Asia including compulsory and voluntary liquidations, IFA, reporting accountant, schemes of arrangement, capital and debt restructurings of private and large publicly listed groups. I qualified and began practicing in Scotland and am a member of the Law Society of Scotland. Henry Li is an associate in Dentons' Litigation & Dispute Resolution group based in Hong Kong. He was involved in the liquidation of a Hong Kong listed manufacturer of jewellery products, a well-known department store in Hong Kong, a well-known cyber bookstore based in Hong Kong and a sizable construction consulting company in Hong Kong. Ronald is a Certified Hong Kong Solicitor and Certified Public Accountant for Washington State Board of Accountancy. He is also the National Head and Joint APAC Head of Transaction Advisory Services at Grant Thornton, with his practice areas on . To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to "Landscape" for printing of bilingual texts on a single page. Before this, he spent more than 10 years in accounting and business advisory firms in Hong Kong, where he was involved in all types of insolvency and corporate restructuring assignments. OUR PEOPLE. Please see information leaflet no.38 regarding qualifications and disqualifications and also Part 11 Companies Act 2014. Preparation and maintenance of statutory records (e.g. FCL filed a He has been appointed to hundreds of insolvency assignments in Hong Kong, including roles as provisional liquidator and liquidator in . Phone: 2249 7736 Published on 2 December 2020. In Hong Kong, maintenance and champerty remain torts and criminal offences at common law. In Hong Kong, when a company needs to close down, the process is called liquidation. OUR PEOPLE. Hoi Yu is an associate in the Litigation, Arbitration, and Employment group of our Hong Kong office. Our teams has a multi-disciplinary set of technical skills, and are primarily from assurance, auditing and accountancy background. Hong Kong is a major international business and financial centre. This article examines the way in which the law tries to prevent unsuitable individuals from acting as company directors. The 2014 Companies Act however does require qualification for appointment as either liquidator and examiner. June is experienced in handling wide-range of civil cases and commercial disputes, including contractual disputes, shareholder disputes, controversial bankruptcy and liquidation procedures, landlord and tenant disputes, employment disputes, debt recovery, property and land disputes and adverse possession etc. 2. Market cap ≥ HK$500m. He has extensive experience acting both for and against insolvency practitioners in all forms of external administrations, as well as acting for parties involved in general commercial, financial services and trust disputes, and has been involved in many of the largest offshore disputes to come before the courts of . His recent appointments in Hong Kong include that as a Liquidator of a LCD TV-Monitor manufacturer . Annie is an accomplished and experienced public speaker. The new Companies Ordinance ("the New Ordinance"), which consists of 21 Parts, 921 sections and 11 Schedules is, I believe, one of the longest and most complex pieces of legislation ever enacted in Hong Kong. He is also an expert in helping clients with corporate restructuring and proposing business transaction projects. Compulsory liquidation: commenced by a winding-up petition pre-sented to the court. Preparing and filing annual returns and other statutory documents. Zhang has passed the China judicial examination in 2014 and will obtain the Legal Professional Qualification Certificate (A Certificate . Hong Kong since its incorporation as it has always been run out of Hong Kong. As a liquidator and a provisional liquidator, Ms. Kong has managed over 100 liquidation cases, involving various creation and arrangement of liquidation plans. A company wishing […] Download PDF Profile. Areas Of Practice: Constitutional and administrative law. Background and Key Requirements of the new Guidelines for Securities Margin Financing (7 key risk control areas) 4. Our distinctive features are: Our senior partnerbeing the first lawyer qualified to practise law in the PRC, Hong Kong, England and Wales a. . The services of a professional can ensure no breach in-laws occur during this process. Content. Hong Kong Company Incorporation Guide (5) - Qualification, Rights and Obligation of Directors 1. Hong Kong liquidator Mat Ng, managing director of JLA Asia, poses for a picture in his office in the city's business district. Mr Barry Tong was honoured as HKSI Institute Senior Fellow in October 2020 for his contributions to our professional community. Patrick Cowley currently serves as KPMG's Global Head of our Restructuring Services network, as well as leading our restructuring and insolvency team in Hong Kong (SAR), China. It should be noted that the Companies Registration Office has no involvement regarding qualification. 3-Year aggregate profit ≥ HK$50m (The profit for the first two years is HK$30 million, and the profit for the first year is HK$20 million) *. Patrick brings 25 years of experience in Asia, having conducted a range of and restructuring, insolvency and exit planning assignments around the region, after . Harris J found it desirable for the Liquidators' appointment to be recognised and assistance to be provided by the Shenzhen Court in order that the Liquidators can collect the assets within the jurisdiction of the Admission to the APIPCW - Firms and Appointment Takers ("ATs") 1. The "dormant company" procedure 2. It is not restricted to situations where a company is insolvent. Frank is a partner in Robertsons' Dispute Resolution Department. With over 20 years of post-qualification experience gained from private practice in Hong Kong, Emba has extensive experience in civil litigation and arbitration, accident claims, insurance and employment disputes. Similar to Hong Kong, a liquidated entity in Singapore can be reinstated for a period of up to two years post liquidation date by an application to the Court, however, the liability of the company and any officer, manager and member will cease upon the completion of the liquidation. Moreover, Ms. Kong is the official liquidator appointed by the Samoa government. Jane Hale is counsel in our , Group where she specialises in commercial litigation with a particular focus on fund disputes and partnership and shareholder disputes. The webinar was filmed at the HKICPA premises on Tuesday 10 . Annie speaks fluent English, Cantonese and Mandarin. I relocated to the British Virgin Islands in 2015 working with Mourant's BVI Litigation & Insolvency. I. 1 It must therefore be assumed that any liquidator appointed by the Hong Kong court would not be able to obtain control of the Company . The Hong Kong liquidator will generally be responsible for realising the Hong Kong assets and paying over those assets to the principal liquidators abroad. Third-party litigation funding of commercial litigation is rare, as claims must fall within one of the common law exceptions to the prohibition on maintenance and champerty. In accordance with the "Companies Ordinance", a private company limited by shares must have at least one director. Languages. He is a contributing editor of the "White Book" (Hong Kong Civil Procedure), the leading publication on court practice and procedure in Hong Kong and is an experienced commercial . The Act was introduced in an attempt to prevent the misuse of the company form. Alexander is a Fellow of INSOL International and holds a specialist qualification in insolvency awarded by the HKICPA. * Note: The profit requirement will be increased by 60% to HKD80 million (HKD35 million in the most recent year and HKD45 million in aggregate in the first 2 years), and . He sits on the Insolvency Law Committee of the Law Society of Hong Kong. The company itself, its creditors, the Company Registrar or the Official Receiver can be petitioned for liquidation. Arranging and attending directors' and shareholders' meetings and preparing minutes of meetings. As to improve Hong Kong's competitiveness and attractiveness therefore the Government launched a major and comprehensive exercise to rewrite the Companies Ordinance ("CO") in mid-2006. Alexander is a disputes lawyer and advises on corporate restructuring and insolvency, commercial litigation, alternative dispute resolution and defamation. In that case the Official Receiver of Hong Kong or other provisional . He has experience in representing local and multinational clients in Hong Kong litigation and arbitration proceedings. Litigation & Dispute Resolution. He has advised clients on a wide range of complex domestic and international commercial disputes, both in court and arbitration. Fellow, The Hong Kong Institute of Certified Public Accountants . The recognised professionals further need to have at least three years of post-qualification experience and have a minimum of 300 chargeable hours over the past three years.18 However, Winding-up and Liquidation in Hong Kong can either be done voluntarily or by order of the court. Company Secretarial Services. Therefore you are strongly advised to engage the services of a professional firm that can provide you with appropriate guidance and timely assistance in dissolving your Hong Kong company. He has been appointed to hundreds of insolvency assignments in Hong Kong, including roles as provisional liquidator and liquidator in . Moreover, the company must not have any outstanding liabilities. It should be noted that, as a Special Administrative Region, Hong Kong is, in most respects, a legally distinct jurisdiction from the People's Republic of China. of a liquidator to reject a proof of debt lodged against a company in members' voluntary liquidation. The law in this area is now primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) and the Companies (Winding Up) Rules . Quick summary of (Financial Resources) Rules ("FRR") 3. Acting as company secretary of the company. Hong Kong, 1995 Inner Hong Kong, 2015. Paul is a partner in the litigation team in the Hong Kong office of Kirkland & Ellis. Qualification B. Sc (Hons) University of London M. Ed University of Hong Kong P.C.LL University of Hong Kong Admitted as a solicitor to the High Court of Hong Kong SAR. The Hong Kong Institute of Certified Public Accountants Fellow. Expertise Incorporated Owners Issues, Personal Injuries, Civil and Criminal Litigation, Matrimonial Cases. tors' voluntary liquidation. (Hong Kong) Ltd. (Shanghai Huaxin), which entered into provisional liquidation in July 2018 and had a winding-up order made against it by the Hong Kong High Court in September 2018. We have an aspiration to become the best Chinese international law firm. Recap of the meaning of the Securities Margin Financing and the related requirements in the Code of Conduct and Internal Control Guidelines. Singapore . Shaun is a partner in our , Group and Managing Partner of our Hong Kong Office. It was founded in the UK in 1928 and since that date has promoted the concept of 'international accounting' to create a global network of accountants in over 85 countries worldwide.. AIA is recognised by the UK Government as a Recognised Qualifying Body for statutory auditors under the Companies Act 2006 . On September 17, 2021, the Hong Kong Stock Exchange ("SEHK") published a consultation paper on the proposed Special Purpose Acquisition Companies ("SPAC") listing regime in Hong Kong, setting out the initial framework with requirements on (i) limiting the SPAC offerings to "Professional Investors" only at certain minimum offering size, (ii) qualifications of the SPAC Promoters and . Corruption. . I was a director of RISA BVI from April 2017 to April 2019 and was appointed asa director of IWIRC Hong Kong in August 2021. The Institute's first specialist qualification (SQ) is the professional diploma in insolvency programme (known as the "diploma in insolvency" before the 2013-14 programme).. The Association of International Accountants (AIA) is a professional accountancy body. We have a collective strength of more than 100 professionals working together in Hong Kong and China Offices. Jocelyn Chi is a managing director based in the Hong Kong office. The global economic recession of the past few years has caused many companies to face insolvency, and in times of crisis the directors of such companies may turn to their auditor for information and advice. Solicitor (HK), LL.B. . Frank has over 23 years of experience in bankruptcy, compulsory liquidations, voluntary liquidations, receiverships, debt restructuring, investigation and forensic accounting and litigation support. Gwynn has worked as an insolvency practitioner and forensic accountant on a wide range of local and cross-border engagements and has a proven track record in the liquidation and restructuring of international financial services . register of shareholders, register of directors, etc.) June is the Principal of CLM Lawyers. Number of Directors. It Further, the liquidator was found to have possessed the necessary qualification, skill and ethics to discharge his function in the company liquidation. Acting for a Hong Kong publicly listed company in setting aside a liquidation commenced under Section 228A Companies Ordinance after compulsory winding up proceedings had been commenced on behalf of the company; the directors unilaterally appointed liquidators under Section 228 Companies Ordinance and that appointment was challenged on behalf of the company in . (i) A firm must have provided liquidation services in Hong Kong for at least She has made numerous presentations on forensic accounting, fraud investigation, fraud detection and prevention, internal controls, Anti-money laundering and on regulatory updates for clients, solicitors, bankers and accountants. Company liquidation in Hong Kong requires the necessary know-how and compliances with several statutory requirements. The first is for Hong Kong liquidators to apply to the court to determine any questions on the administration of the Hong Kong insolvency proceedings. 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