Hong Kong has introduced a sweeping revamp of its winding up and insolvency regime with the amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) that came into force on 13 February 2017. The amendments represent an important modernization of Hong Kong\u2019s existing rules by increasing protection of creditors and further streamlining the winding up process. The key provisions of such amendments are summarised in this note.
\nBy way of background, a Hong Kong company can be wound up through a voluntary winding up or a compulsory winding up. A voluntary winding up can take the form of a members\u2019 voluntary winding up and a creditors\u2019 voluntary winding up. The principal difference between the two is that for a members\u2019 voluntary winding up the company must be solvent while in the second one it is not. A compulsory winding up is commenced by a member petitioning the Court to wind up a company on \u2018just and equitable\u2019 grounds.<\/p>\n
To read the full Smart News, click on the pdf below the picture.<\/p>\n","protected":false},"excerpt":{"rendered":"
Revamp of Hong Kong\u2019s winding up and insolvency regime: key changes to keep in mind. Hong Kong has introduced a sweeping revamp of its winding up and insolvency regime with the amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) that came into force on 13 February 2017. The amendments represent an […]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[122],"tags":[],"class_list":["post-3736","post","type-post","status-publish","format-standard","hentry","category-newsletter-en"],"acf":[],"yoast_head":"\n