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  1. Employment law 'is having a negative effect' on firms

    Posted Apr 24th 2009, 12:00am by Kate Watson

    ... by accountants, Mr Tang said. 'For example, the employment law doesn't specify the entitlements of employees in an insolvent situation, whether that is a restructuring or bankruptcy,' he ... Kate Watson The mainland's employment law may have exacerbated the effects of the global financial crisis. Anecdotal evidence collected by accounting firm Grant Thornton suggests ...

  2. Chapter 11 bill set for new try in HK

    Posted Oct 29th 2009, 12:00am by Enoch Yiu

    ... the Protection of Wages on Insolvency Fund up to a maximum of HK$36,000. A government official with knowledge of the proposal said the aim of such a law would be to 'provide an opportunity ... Enoch Yiu A third effort to introduce Chapter 11-style bankruptcy protection for Hong Kong companies in financial difficulties begins today- 13 years after law reformers proposed ...

  3. Liquidator seeks HK$2.7m for unpaid legal bills

    Posted Sep 23rd 2011, 12:00am

    ... businessman Robert Yip Kwong. James Wadham, a partner of law firm Clifford Chance, said the demand was issued against Yip for the partial payment of unpaid legal bills relating to a contempt case Yip ... Wing Fai's liquidators and a legal team at law firm Reed Smith Richards Butler are locked in a series of civil cases with Yip and Cheng over the failure of the company. Wadham said ...

  4. Syndicate exploits loophole to milk 9,000 debtors

    Posted Feb 13th 2006, 12:00am by Clifford Lo

    ... it does not break the money-lending rule technically. They used a loophole in the law,' a police source said. Under the ordinance, anyone who charges excessive interest could face a penalty ...

  5. Bankruptcy for lawyer in HK$780m theft case

    Posted Jul 14th 2012, 12:00am

    ... Austin Chiu austin.chiu@scmp.com UNMAPPED FIELD root_ARCHIVEENTRY_METADATA_cci_tag_label = 'COURTS' A former partner of international law firm K&L Gates accused of stealing ... K&L Gates' opposition to the bankruptcy petition. This meant that the law firm would not be able to enforce a court order to recover some HK$131 million in debt from Aggarwal but had ...

  6. Precedent cited in Samho case

    Posted Apr 29th 2011, 12:00am

    ... Keith Wallis A law firm acting on behalf of Norwegian investors seeking US$3.2 million in charter payments on two ships is expected to be able to pursue the action in Hong Kong. ... whether it could force a court sale of Samho Garnet in Hong Kong while Samho Shipping was under court protection in South Korea. But a specialist in admiralty law said there were legal precedents ...

  7. News - Hong Kong - COURTS

    Stiff penalty for restaurateur who cheated HK's wage protection fund

    Posted Aug 24th 2012, 12:00am by Patsy Moy

    ... Lin Kam-hung yesterday jailed Tsang Yung-ping, 46, for cheating the government's Protection of Wages on Insolvency Fund, which was set up in 1985 to help unpaid workers whose employers ... to close Head Dragon in 2004, the workers successfully applied for HK$780,000 from the insolvency fund, prosecution counsel Edwin Choy told the court. "The government and taxpayers ...

  8. Confusion reigns over new legislation

    Posted Sep 30th 2008, 12:00am by Kate Watson

    ... Kate Watson The enacting of the mainland's new Enterprise Bankruptcy Law in June last year is a positive development in its corporate insolvency regime. But more than a year later, the law still faces some challenges in its implementation that are not going to be easily or rapidly solved, according to Hong Kong insolvency specialists. 'It's a good thing to have ...

  9. Holes appearing in wages safety net

    Posted Apr 23rd 2005, 12:00am by Jane Moir

    ... and liabilities after it becomes obvious it can no longer pay its debts when they become due. Jurisdictions such as Australia and Britain have laws making directors personally liable for insolvent trading on their statute books. Hong Kong has talked about it since 1995. The aim of insolvent trading law is to encourage troubled companies to start debt restructuring early. 'It's a very big ...

  10. Law for the times

    Posted Sep 29th 2010, 12:00am by Staff Reporter

    ... twice to get it passed, in 2001 and 2003, and will try again next year. 'Hong Kong was arguably the first Asian jurisdiction to commence a thorough review of corporate insolvency law, [but] it will be one of the last to enact [it],' noted the 2009 Hong Kong Corporate Insolvency Manual. An English-style Law Commission would not solve all these problems, of course, but it would be a very ...




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