Case Updates

SFC publicly reprimands & fines Fulbright Securities $3.3M, suspends license of RO for internal control failures

SFC publicly reprimands & fines Fulbright Securities $3.3M, suspends license of RO for internal control failures 1400 788 Charing
Key takeaway is that SFC won’t hesitate to sanction both licensed corporation and licensed person and attribute the misconduct to licensed person.

Court finds trio engaged in insider dealing in TeleEye shares and orders disgorgement of profits made

Court finds trio engaged in insider dealing in TeleEye shares and orders disgorgement of profits made 1400 788 Charing
The Court of First Instance recently delivered a judgment on 9 November 2021 finding three individuals had engaged in insider dealing in the shares of TeleEye Holdings Limited (“TeleEye”) in 2016 reaping a total profit of HK$12.9 million.

How do Hong Kong courts determine whether or not to sanction a Scheme of Arrangement to restructure foreign debt?

How do Hong Kong courts determine whether or not to sanction a Scheme of Arrangement to restructure foreign debt? 1402 790 Hauzen
When a company is insolvent, it is possible that the creditors would agree on a scheme of arrangement to restructure its debt. Sometimes, the courts will be asked to sanction such scheme. This article examines what factors the court will take into account.

A milestone for the application by Hong Kong liquidators for recognition and assistance in the Mainland

A milestone for the application by Hong Kong liquidators for recognition and assistance in the Mainland 1400 787 Hauzen
Under the cooperation mechanism, the Mainland and Hong Kong jurisdictions agreed to the terms that several cities, such as Shanghai, Shenzhen and Xiamen in the Mainland and Hong Kong would mutually recognize and assist each other in matters regarding insolvency.

Court of Appeal grants SFC compensation orders against former directors of EganaGoldpfeil

Court of Appeal grants SFC compensation orders against former directors of EganaGoldpfeil 1401 786 Hauzen
Court of Appeal grants the Securities and Futures Commission $622 million compensation orders against former directors of EganaGoldpfeil (Holdings) Ltd.

Permission granted to provisional liquidators to seek Mainland recognition

Permission granted to provisional liquidators to seek Mainland recognition 1400 788 Charing
Permission granted to provisional liquidators to seek Mainland recognition may open new door to mutual recognition of cross-border insolvency proceedings
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