 |
Season’s Greetings from The Restructuring and Insolvency Faculty
Wishing you a Merry Christmas and a Peaceful and Prosperous New Year
|
| |
|
RIF Cocktail
The RIF cocktail reception took place on the evening of 12 November 2009. Over 150 RIF members met and mingled with fellow members and prominent guests from the government, judiciary and the restructuring and insolvency sector at the reception.
RIF Executive Committee chair, Mr. Johnson Kong, gave a brief account of the RIF’s achievements so far and plans for the coming year.
The RIF would like to thank Jones Day for sponsoring the event. |
Click the photo for
more photos
|
| |
| |
|
|
RIF Executive Committee (“RIFEC”) Election Results |
In the first RIFEC elections, a total of 241 valid ballot papers were received, representing a 52% voting rate. As to the results of the elections, the following six candidates have been elected to the RIFEC for a term of two years, commencing 1 January 2010:
| Institute Members category |
Non-Institute Members category |
| - Jan BLAAUW |
- Stephen BRISCOE |
| - Annie CHAN |
- Patrick COWLEY |
| - Kenneth CHEN |
|
| - Mat NG |
|
The following six existing RIFEC members will remain on the RIFEC for another year until the end of 2010:
| Institute Members category |
Non-Institute Members category |
| - Bruno ARBOIT |
- Keith HO |
| - Darach HAUGHEY |
- Simon POWELL |
| - Johnson KONG |
|
- Ruby LEUNG |
|
Under its constitution, the RIFEC may also co-opt up to three additional RIF members and the Institute’s Council may appoint up to two members, provided that the total number of RIFEC members does not exceed 16. RIF members will be kept informed of any new appointments/co-options for 2010. |
|
Consultation on Corporate Rescue Proposals
The HKSAR Government is consulting on the introduction of a corporate rescue procedure, based on the 2001 proposals for “provisional supervision”. A printed copy of the consultation document, released on 29 October 2009, and the relevant press release have been sent to all RIF members by post. John Leung, deputy secretary for financial services and the treasury (financial services), outlined the proposals under consultation at an RIF seminar held on 19 November 2009. The consultation period will end on 28 January 2010.
The corporate rescue proposals are being reviewed by the RIF Technical sub-committee. You are welcome to submit views to the sub-committee. Please do so by emailing, under the heading "Corporate Rescue Proposals", to <rif@hkicpa.org.hk>, by 31 December 2009. |
|
|
|
|
|
Court Case re. Fraudulent Conveyancing with intent to Defraud Creditors
In a judgment handed down on 30 November 2009, in the case of Tradepower (Holdings) Limited (In Liquidation) v Tradepower (Hong Kong) Limited and others (FACV 5/2009), the Court of Final Appeal gave an authoritative interpretation of section 60 of the Conveyancing and Property Ordinance (Cap 219), which could be an important tool for liquidators to recover assets for wound-up companies and protect the interests of creditors.
Click here for the judgment and here for an article about the case produced by ONC Lawyers. |
| |
|
| A Study on Insolvency Law in India including Corporate Insolvency |
Insolvency law in India has come a long way since its inception in Government of India Act, 1800 and it is still improving. The Provincial Insolvency Act, 1920 deals with the insolvency of individuals, sole proprietorship and partnership firms. However, unlike in the United States, for example, there is no single comprehensive and integrated policy on corporate insolvency in India, which is scattered across three major enactments – the Companies Act, 1956, the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA in short) and the Securitisation, Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The regulations, the regulators and the procedures involved in an insolvency proceeding in India, as elsewhere can be complex yet interesting.
The above study, produced by Rajkumar S. Adukia, B.Com(Hons), FCA, ACS, AICWA, LLB, Dip IFR(UK) in September 2009, gives an overview of the insolvency law in India. Members interested in the subject may click here for full version of the study. |
|
|
INSOL Update |
2010 INSOL Dubai Conference
21-23 February 2010
The 2010 INSOL Dubai Conference for the Europe, Africa, Middle East region will be held in the city of Dubai, United Arab Emirates. The technical programme for the conference will enable restructuring and insolvency practitioners to keep abreast of technical issues and share best practice for developing innovative solutions to help companies in the public and private sectors restructure. There will also be time to network with participants with a common interest in the restructuring and insolvency market. Recent financial events in Dubai will no doubt make Dubai an even more interesting location for the conference.
The deadline for registration is 29 January 2010. RIF members who would like more information or wish to register can refer to the registration brochure for further details. |
|
| Your RIF Needs You! |
Do you have news or personnel updates that may be of interest to other members, or have you just set up a new firm in the insolvency field? Why not share the information with your fellow RIF members.
The RIF Editorial sub-committee also 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.
|
|
|
|
|
| Quick links: |
 The Institute's website |
| RIF webpages |
| Past issues of The IP's Voice |
INSOL International
|
|
Contact us
|
For enquiries on the content of this e-newsletter, comments on consultations, submission of articles or newsworthy items, etc., please email Mary Lam, Assistant Director, Specialist Practices at: <rif@hkicpa.org.hk>. |
| |
If you require any technical assistance on this transmission, please contact the IT support team at 2287-7800 or <itsupport@hkicpa.org.hk>. |
| |
|
|
Disclaimer
|
Some sections of this newsletter contain information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute.
This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views expressed in this email are those of the authors and do not necessarily represent those of the Institute. The recipient should check this email and all attachments for the presence of viruses. The Institute will not accept liability for any damage caused by any viruses transmitted with this email.
|
| |
|
|
