Patrick Cowley - KPMG China OUR PEOPLE. Hong Kong Common Law - Common Law Essays Admissions and qualifications. Mr Tong is the Advisory Partner at Grant Thornton Hong Kong. HKICPA or the Hong Kong Institute of Companies Secretaries, or a member of the Hong Kong Law Society. (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. Company liquidation in Hong Kong requires the necessary know-how and compliances with several statutory requirements. 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 . A Hong Kong law firm: Acting for the law firm on joint instructions with the Hong Kong Solicitors Indemnity Fund Limited to defend against a claim of professional negligence brought by former clients. Paul Quinn | Professionals | Kirkland & Ellis LLP 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. I relocated to the British Virgin Islands in 2015 working with Mourant's BVI Litigation & Insolvency. 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. Preparing and filing annual returns and other statutory documents. I. Phone: 2249 7736 Similarly, and under principles of international comity, the Hong Kong courts will, in certain circumstances, recognise insolvency procedures and orders made by foreign courts against a . Jane Hale - Counsel, Campbells Hong Kong - Commercial ... Our Team | CLM Lawyers In accordance with the "Companies Ordinance", a private company limited by shares must have at least one director. Office in Hong Kong and then moved to specialist insolvency firms in Hong Kong and Australia. PDF HONG KONG - Arbitration (ICCA Since our establishment in 1998, Conpak has been providing investors the world over with one-stop professional services, including audit and assurance, accounting, tax advisory, management consulting, patent application, corporate secretarial services, company incorporation, trademark registration, corporate finance, financial advisory and IPO in Hong Kong. Hong Kong, 1995 Inner Hong Kong, 2015. View Lectures 22+23 Winding Up (WITHOUT RECORDING).pdf from BUSI 3803 at The University of Hong Kong. The auditor and insolvency | ACCA Qualification | Students ... Sunny Hathiramani and Veronica Chan give a presentation to ... Singapore . Shaun is a partner in our , Group and Managing Partner of our Hong Kong Office. 2. Market cap ≥ HK$500m. I qualified and began practicing in Scotland and am a member of the Law Society of Scotland. Similarly, and under principles of international comity, the Hong Kong courts will, in certain circumstances, recognise insolvency procedures and orders made by foreign courts against a . The programme was first offered in 2000-01. Zhang has passed the China judicial examination in 2014 and will obtain the Legal Professional Qualification Certificate (A Certificate . 2 The appellant is Fustar Chemicals Ltd (Hong Kong) ("FCL"), the plaintiff below. 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. The webinar was filmed at the HKICPA premises on Tuesday 10 . Our teams has a multi-disciplinary set of technical skills, and are primarily from assurance, auditing and accountancy background. Hong Kong Companies Ordinance (Companies Act) is an official document stating the legal limits within which companies may do their business in Hong Kong. Frank has over 23 years of experience in bankruptcy, compulsory liquidations, voluntary liquidations, receiverships, debt restructuring, investigation and forensic accounting and litigation support. Patrick brings 25 years of experience in Asia, having conducted a range of and restructuring, insolvency and exit planning assignments around the region, after . 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).. An overview of each option is provided as follows. Hong Kong Company Incorporation Guide (5) - Qualification, Rights and Obligation of Directors 1. Moreover, Ms. Kong is the official liquidator appointed by the Samoa government. We have extensive experience and expertise in handling liquidation and insolvency cases. As a liquidator and a provisional liquidator, Ms. Kong has managed over 100 liquidation cases, involving various creation and arrangement of liquidation plans. Liquidation petitioned by the court is a statutory liquidation. 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. Alan co-founded Rodgers Reidy Hong Kong in order to expand and build the capabilities of its insolvency, forensic and restructuring services. Michael Chan is a managing director based in the Hong Kong office with several years of insolvency and restructuring experience and takes appointment in compulsory/official liquidation, provisional liquidation, voluntary liquidation, receivership and personal bankruptcy. Recap of the meaning of the Securities Margin Financing and the related requirements in the Code of Conduct and Internal Control Guidelines. Further, the liquidator was found to have possessed the necessary qualification, skill and ethics to discharge his function in the company liquidation. 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. Solvent companies in Hong Kong have three ways to close their operations. 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 Number of Directors. He has advised clients on a wide range of complex domestic and international commercial disputes, both in court and arbitration. We have a collective strength of more than 100 professionals working together in Hong Kong and China Offices. The liquidator for Next Digital, the media group founded by jailed Hong Kong tycoon Jimmy Lai Chee-ying, had been negotiating with potential buyers, Apple Online said on Monday. Deregistration as a company liquidation procedure in Hong Kong. 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 . This is a more simple procedure to close the company, compared to the liquidation or winding-up.A company can be de-registered if all of its members agree that this is the necessary step. . Compulsory liquidation: commenced by a winding-up petition pre-sented to the court. In Hong Kong, arbitration is governed by the Arbitration Ordinance (Cap 609) (the "Ordinance"). 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. There's no specific qualification but many liquidators are . Read more. Mr. Ho has been and is the Provisional Liquidator / Liquidator of over 20 0 insolvent cases and is an official liquidator appointed by the . Professional Qualifications. Arranging and attending directors' and shareholders' meetings and preparing minutes of meetings. The Hong Kong . 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. FCL filed a Download vCard. 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 . liquidation. tors' voluntary liquidation. Hong Kong Common Law. Please see information leaflet no.38 regarding qualifications and disqualifications and also Part 11 Companies Act 2014. Company Secretarial Services. And it is called Companies Bill which gazette on 14 January 2011 . Alexander is a Fellow of INSOL International and holds a specialist qualification in insolvency awarded by the HKICPA. His practice focuses on civil and commercial disputes with an emphasis on company and . The company itself, its creditors, the Company Registrar or the Official Receiver can be petitioned for liquidation. 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, 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 . 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. Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. 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 . Corruption. Hong Kong since its incorporation as it has always been run out of Hong Kong. Published on 2 December 2020. She also specialises in contentious and non-contentious cross-border insolvencies and restructurings, advising insolvency practitioners, stakeholders and creditors in a range of distressed and insolvent situations. Background and Key Requirements of the new Guidelines for Securities Margin Financing (7 key risk control areas) 4. Areas Of Practice: Constitutional and administrative law. 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. Solicitor (HK), LL.B. However, liquidators commonly rely on the liquidation exception to enable funding . Restructuring and Insolvency Partner Sunny Hathiramani and Solicitor Veronica Chan were recently invited by the Hong Kong Institute of Certified Public Accountants Restructuring and Insolvency Faculty (RIF) to give a live webinar on liquidators' personal liability for costs, litigation funding, and related case law developments. A. Dormancy, deregistration and members' voluntary liquidation 1. The liquidators value the claim against the firm in excess of US$530 million. The court will handle the questions by identifying the principal and secondary jurisdictions, and adopting the principle of comity. 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. Hong Kong chapter for the 9th, 11th and 12th editions of "The Restructuring Review", published by The Law Reviews (ISBN 978-1-83862-047-9; ISBN 978-1-83862-047-9; ISBN 978-1-910813-22-5) Hong Kong sections for the Global Restructuring Review's Asia Pacific Restructuring Review manual: 2017, 2018 and 2019 June is the Principal of CLM Lawyers. In Hong Kong, when a company needs to close down, the process is called liquidation. OUR PEOPLE. His recent appointments in Hong Kong include that as a Liquidator of a LCD TV-Monitor manufacturer . It is taught by Hong Kong 's leading insolvency experts and is designed to help insolvency practitioners consolidate and refine their . Grant Thornton Hong Kong Limited is the Hong Kong member firm of Grant Thornton International Ltd, one of the world's leading organisations of independent assurance, tax and advisory firms with over 58,000 people in 138 countries. 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) *. Annie speaks fluent English, Cantonese and Mandarin. Content. Jocelyn Chi is a managing director based in the Hong Kong office. Admission to the APIPCW - Firms and Appointment Takers ("ATs") 1. 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. There are two liquidation options. A company in Hong Kong can be de-registered if it fulfils certain conditions. He is also the National Head and Joint APAC Head of Transaction Advisory Services at Grant Thornton, with his practice areas on . Hong Kong Companies Ordinance - Company Law. Specialist qualification in insolvency. You will find below the key extracts from the Hong Kong Companies Ordinance along with the full act. 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. The services of a professional can ensure no breach in-laws occur during this process. 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. He has been appointed to hundreds of insolvency assignments in Hong Kong, including roles as provisional liquidator and liquidator in . Expertise Incorporated Owners Issues, Personal Injuries, Civil and Criminal Litigation, Matrimonial Cases. Ordinance, Chapter 622 of the Laws of Hong Kong , on 3 March 2014 will herald a new era for Hong Kong's company law. 2 To facilitate the conduct of the Hong Kong proceedings, the liquidators applied to the Singapore 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 . granted to Hong Kong liquidators to enquire into the affairs of an insolvent company by examining its directors and others.5 Jur isdcton The Hong Kong Court has discretionary jurisdiction to wind up "unregistered" companies6(which includes non-Hong Kong companies) by virtue of Section 327 of the Companies Ordinance.7 Grounds The Association of International Accountants (AIA) is a professional accountancy body. He has particular experience dealing with professional negligence, insolvency, fraud, urgent asset preservation, investigations . Henry Li is an associate in Dentons' Litigation & Dispute Resolution group based in Hong Kong. The Hong Kong liquidator will generally be responsible for realising the Hong Kong assets and paying over those assets to the principal liquidators abroad. • Ways to dissolve a company (including Hong Kong local company and offshore company) in Hong Kong • Brief introduction of the 3 forms of liquidation in Hong Kong • Outline major procedures of Members' Voluntary Liquidation (MVL) and application for deregistration • Qualification and powers of a MVL liquidator Qualification: Master of Laws in Human Rights (University of Hong Kong) Postgraduate Certificate in Laws (University of Hong Kong) The Hong Kong Institute of Certified Public Accountants Fellow. 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. Frank has over 23 years of experience in bankruptcy, compulsory liquidations, voluntary liquidations, receiverships, debt restructuring, investigation and forensic accounting and litigation support. 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. 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 . 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 (HK) Emba is a Partner of Chin & Associates. Winding-Up II Dr Agnes Chong University of Hong Kong Tuesday 5 May and Friday 8 May It In that case the Official Receiver of Hong Kong or other provisional . 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. Annie is an accomplished and experienced public speaker. Preparation and maintenance of statutory records (e.g. . They may become dormant, or they may be dissolved by way of deregistration, or members' voluntary liquidation. Frank is a partner in Robertsons' Dispute Resolution Department. 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 . In Hong Kong, maintenance and champerty remain torts and criminal offences at common law. Hong Kong's Next Digital directors resign and call for liquidation, citing 'climate of fear' after Apple Daily closure By Michelle Toh, Sasha Chua and Chandler Thornton, CNN Business 9/7/2021 . Mr Barry Tong was honoured as HKSI Institute Senior Fellow in October 2020 for his contributions to our professional community. Winding-up and Liquidation in Hong Kong can either be done voluntarily or by order of the court. (i) A firm must have provided liquidation services in Hong Kong for at least The Act was introduced in an attempt to prevent the misuse of the company form. The Ordinance is therefore a Hong Kong law and limited in application to Hong Kong. Official Receiver's Office in Hong Kong and then moved to specialist insolvency firms in Hong Kong and Australia. Download PDF Profile. Hong Kong has no statutory corporate rescue mechanism as of April 2014. (Hong Kong) v Liquidator of Fustar . Commercial fraud. Alexander is a disputes lawyer and advises on corporate restructuring and insolvency, commercial litigation, alternative dispute resolution and defamation. Litigation & Dispute Resolution. register of shareholders, register of directors, etc.) The simple answer is that, unfortunately, many auditors' clients will face financial distress at some point in their business lifecycle. He is also an expert in helping clients with corporate restructuring and proposing business transaction projects. . Before joining Hogan Lovells, Hoi Yu worked in the litigation team of another international law firm and acted for both international and domestic clients in a wide range of commercial litigation including shareholder disputes as well as bankruptcy and insolvency matters. The "dormant company" procedure 2. Our managing director, Dr. Gary Cheng, is a professional insolvency practitioner and is one of the first batch of CPAs to obtain the professional insolvency qualification granted by Hong Kong Institution of Certified Public Accountants and Faculty of Law in University of Hong Kong. The deregistration procedure is the simplest and cheapest form of company liquidation.For the deregistration of a company certain requirements must be satisfied.The first requirement is for the company to be solvent, incorporated according to the Companies Law in Hong Kong and all company members must agree with the liquidation. 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. It should be noted that the Companies Registration Office has no involvement regarding qualification. Liquidators appointed by a Hong Kong court would be unable to take control of the Company's British Virgin Islands subsidiaries which are the intermediate holding companies of the Mainland China subsidiaries. He sits on the Insolvency Law Committee of the Law Society of Hong Kong. Regulatory . Hong Kong is a major international business and financial centre. Fellow, The Hong Kong Institute of Certified Public Accountants . Our distinctive features are: Our senior partnerbeing the first lawyer qualified to practise law in the PRC, Hong Kong, England and Wales a. Note however that where the Court is satisfied, or the Official Receiver of Hong Kong or provisional liquidator reports to the Court, that the assets of the company are unlikely to exceed HK$200,000, the Court may make an order that the company be wound up in a summary manner. Hong Kong liquidator Mat Ng, managing director of JLA Asia, poses for a picture in his office in the city's business district. Acting as company secretary of the company. of a liquidator to reject a proof of debt lodged against a company in members' voluntary liquidation. Quick summary of (Financial Resources) Rules ("FRR") 3. Moreover, the company must not have any outstanding liabilities. A company wishing […] Email: frank@robertsonshk.com. It is not restricted to situations where a company is insolvent. Ronald is a Certified Hong Kong Solicitor and Certified Public Accountant for Washington State Board of Accountancy. 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. Firms and HKICPA members meeting the qualification requirements stated in paragraphs 1 to 6 below and wishing to take up work under the Scheme are required to be admitted to the APIPCW. The respondent is Ms Ong Soo Hwa ("OSH"), the liquidator of Fustar Chemicals Pte Ltd (the "Company"). This article examines the way in which the law tries to prevent unsuitable individuals from acting as company directors. The Hong Kong liquidator will generally be responsible for realising the Hong Kong assets and paying over those assets to the principal liquidators abroad. Hoi Yu is an associate in the Litigation, Arbitration, and Employment group of our Hong Kong office. We have an aspiration to become the best Chinese international law firm. 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 . You are welcome to join our rapidly developing law firm We are one of the leading full-service Hong Kong law firms established by a PRC lawyer who is also a Hong Kong qualified lawyer. Ronald is familiar with the rules and regulations of listing in Hong Kong and the Hong Kong Stock Exchange. 1. He has experience in representing local and multinational clients in Hong Kong litigation and arbitration proceedings. The 2014 Companies Act however does require qualification for appointment as either liquidator and examiner. . 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. Paul is a partner in the litigation team in the Hong Kong office of Kirkland & Ellis. Such an individual can be disqualified from acting as a director for up to 15 years under the Company Directors Disqualification Act 1986 (CDDA). 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