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The Guide gives a detailed overview of the restructuring and insolvency laws, regulations and procedures in 16 key jurisdictions: The most prominent feature of the Basic Law is the underlying principle of "One Country, Two Systems" whereby the previous legal system of Hong Kong will remain unchanged for 50 years.
Under the Basic Law, all the laws previously in force in Hong Kong common law, rules of equity, ordinances, subordinate legislation and customary law shall be maintained, except for any that contravenes the Basic Law and subject to any amendment by the HKSAR legislature.
However, English law and Hong Kong law sometimes differ greatly in this area and there are traps for the unwary.
By way of example, the HKSAR insolvency regime does not have an equivalent of the English administration process or any other formal corporate rescue process.
Although the Bankruptcy Ordinance and its subsidiary legislation mainly deal with personal insolvency, certain provisions are also applicable in the liquidation of insolvent companies. Some assets or entities may be subject to additional legislation that supplements or replaces that listed above.
These are not covered in this memorandum. Entities considered There are three main types of business entities in the HKSAR, being sole proprietorships, partnerships and companies.
Space constraints mean that this memorandum cannot consider entities that may be organised under their own piece of legislation e.
The Mass Transit Railway Corp. Such entities may be subject to special regimes on insolvency. Public and private companies Companies can be private or public. A company will be a private company if its articles of association: Not all public companies are listed companies.
A company not having any limit on the liability of its members is termed an unlimited company. Security A company incorporated in the HKSAR or overseas whether registered under Part 16 of the Companies Ordinance or not may provide security over its assets by way of a mortgage, a charge, a lien or a pledge.
Although the commercial effect of these types of security may appear similar, the legal effect can be different. Legal and equitable mortgages A mortgage is a conveyance or transfer of title to property given as security for the payment of a debt. An equitable mortgage can arise where parties do not comply with the formalities necessary to create a legal mortgage e.
Fixed and floating charges A charge is created by contract. It transfers neither title in the property charged nor the right to possession; it merely gives the creditor certain rights over the property as security for a debt. Charges can be either fixed or floating.As a follow-up to Tuesday’s post about the majority-minority public schools in Oslo, the following brief account reports the latest statistics on the cultural enrichment of schools in Austria.
Vienna is the most fully enriched location, and seems to be in roughly the same situation as Oslo. Many thanks to Hermes for the translation from lausannecongress2018.com Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other although not part of the insolvency regime in Hong Kong, Accordingly, cross-border insolvency cases are still conducted upon an ad hoc basis using a form of modified universalism.
Overview of the Insolvency Regime in Hong Kong. This article appeared in the edition of The International Comparative Legal Guide to: Corporate Recovery and Insolvency published by Global Legal Group Ltd, London.
Cross-border insolvency (sometimes called international insolvency) regulates the treatment of financially distressed debtors where such debtors have assets or creditors in more than one country. Typically, cross-border insolvency is more concerned with the insolvency of companies that operate in more than one country rather than bankruptcy of individuals.
Massive external (manufacturing) investment was first attracted based on education and cheap skilled labour, while equally massive internal investment has more recently been mobilized in modern infrastructure and urban (including consumer) facilities especially in major cities.