New Hong Kong insolvency provisions from 13 February 2017

Following months of debate, the long awaited announcement of the Legislative Council on 14 December 2016 has confirmed that the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (the "Amendment Ordinance") will come into effect on 13 February 2017.  Whilst the amendments do not go as far as to introduce a much needed statutory corporate rescue mechanism, the Amendment Ordinance does go some way to remedying certain anomalies in the existing Companies (Winding up and Miscellaneous Provisions) Ordinance (Cap. 32) (the "Ordinance")..

This article provides a summary of the key changes to be introduced by the Amendment Ordinance that aim to improve and modernize Hong Kong's insolvency regime in three areas; by increasing creditor protection, streamlining the winding up process and to enhance the integrity of the winding up process.

Please click here for the full article.

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