This second edition (2009) of the Hong Kong Corporate Insolvency Manual, authored by Stephen Briscoe and Charles D. Booth, and containing a foreword by Hon Madam Justice Kwan, addresses corporate insolvency developments in Hong Kong since the publication of the first edition in 2002. This is one of the principal course texts for the Institute’s diploma in insolvency and also a valuable resource for accounting and legal professionals working in the field, generally. In addition to expanding the discussion of many topics addressed in the first edition, the manual also includes additional chapters on two important areas – the new Mainland bankruptcy law and cross-border insolvency.

The manual can be purchased at the Institute’s counter on 27/F of Wu Chung House, CPA e-Shop or by mail order. The price is HK$580 per copy for Institute members, registered students & RIF members, and at HK$680 per copy for others.

The Official Receiver's Office ("ORO") is inviting tenders by noon, 30 October 2009 for taking up appointments as provisional trustee under s.12(1A) of the Bankruptcy Ordinance (Tender Ref: OR/C/2009). Tender forms and further particulars can be obtained from the ORO, 10/F, Queensway Government Offices, 66 Queensway, Hong Kong. Additional information is also available on the "Tender Notice" page of the ORO website.

Hong Kong, 2 November 2009

A reminder that the Inter-Pacific Bar Association cross-border insolvency seminar entitled, “Asia - the eye of the financial storm?” will be held in Hong Kong on 2 November 2009, with a line-up of prominent speakers. RIF members interested to attend can refer to the flyer and the registration form for further details.

As part of the fall-out from the collapse of the Lehman Brothers group, the English court, in the case Perpetual Trustee Co. Ltd. v BNY Corporate Trustee Services Ltd. and Lehman Brothers Special Financing Inc. [2009] EWHC 1912 (Ch), has held that a clause which provided for the subordination of a swap counter-party's rights on its bankruptcy or default was valid as a matter of English law. This ruling is important in the context of structured finance and securitisation deals, many of which contain similar provisions to those analysed in this case. However, the English court’s decision has been appealed and the US bankruptcy court is to consider whether the clause infringes US bankruptcy law.

Further general information is contained in an article on the subject produced by Allen & Overy.

The Hon Madam Justice Susan Kwan Shuk-hing, previously the judge in charge of the Companies and Bankruptcy List, has been appointed as Justice of Appeal of the Court of Appeal of the High Court, with effect from 28 September 2009. The RIF extends its congratulations to her.   

John Lees & Associates Limited has moved its office to 20th Floor, Henley Building, 5 Queen’s Road Central, Hong Kong. Telephone and fax numbers, and email address, remain unchanged.

Do you have news that may be of interest to other members? Do you have personnel updates, new appointments that you wish to announce, or have you just set up a new firm in the insolvency field? If so, don't keep it to yourself, let other RIF members in on the news.

The RIF Editorial sub-committee welcomes articles and other contributions from members – a recent legal judgment or, perhaps, details of an interesting work assignment. Remember The IP's Voice is your newsletter and the voice of insolvency professionals in Hong Kong. If you would like to contribute a newsworthy item to The IP's Voice, see "Contact us" below.