Insolvency Lawyers in Hong Kong

Our team of insolvency lawyers and litigators regularly act in high profile insolvencies and corporate collapses in Hong Kong.

Gall’s specialist team of insolvency lawyers and litigators are able to advise on all areas of contentious insolvency, including:

Advising appointment takers and insolvency practitioners
Identification and realisation of assets in insolvent estates
Pursuing recovery actions on behalf of appointment takers
Obtaining validation orders
Enforcement of security
Creditor services
Investigations and examinations
Ex parte applications for the appointment of provisional liquidators
Advising on cross border insolvency issues
General advice in respect of terminal and non-terminal companies
Advising directors on their duties and liabilities

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Frequently asked questions

If a company is insolvent, what does that mean?

It means a company can no longer meet its financial obligations to its lenders as debts become due.

What are the modes of winding up a company?

A members’ voluntary liquidation;
A creditors’ voluntary liquidation; and
A compulsory liquidation ordered by the Court.

Our team of specialist insolvency lawyers and litigators can provide expert advise on the procedures for winding up a company, the disposition of property after the commencement of winding-up and applications for validation orders.

What happens if a company goes into liquidation?

When a company goes into liquidation its assets are sold to repay creditors.

Our insolvency lawyers and litigators offer a wide range of creditor services including advice on making claims, submitting proofs of debt and arranging attendance at creditors’ meetings.

What can a company do to prevent the presentation of a winding up petition after being served with a statutory demand?

If the company has a genuine dispute to the debt in question, it can apply for an injunction to prevent a winding up petition from being presented.

Gall’s team of insolvency lawyers and litigators can advise on how to apply to court for an injunction to restrain the issue of a creditor’s petition to wind up a company thereby stopping the company from going into liquidation.

Is it a must to present a statutory demand before a winding up petition based on a company’s inability to pay debts can be presented?

No, our expert insolvency lawyers and litigators note that you don’t have to present a statutory demand before a winding up petition.

What can a company do when it is served with a winding up petition presented to the Court based on the company’s inability to pay debts?

Gall’s team of insolvency lawyers and litigators recommends that the company should consider whether it has a genuine dispute to the debt in question. If so, it can contest the petition.

Can a foreign non-registered company be wound up by the Hong Kong Court?

Yes, the Hong Kong Court does have jurisdiction to wind up a foreign non-registered company. Such jurisdiction may be exercised if the following requirements are satisfied:-

The company has a sufficient connection with Hong Kong;
There is a reasonable possibility that the winding up order would benefit those applying for it; and
The Court must be able to exercise jurisdiction over one or more persons in the distribution of the company’s assets.

Our team of insolvency lawyers and litigators are well versed on cross-border insolvency issues.

What happens to the directors of an insolvent company?

Directors’ powers cease once liquidators are appointed and a winding up Order is made. The liquidators will investigate the company’s affairs and assets during liquidation. The liquidators may investigate and pursue the directors and other officers of the company if there is any misconduct on their part (e.g. fraudulent trading, unfair preference, misappropriation of assets, concealment of books and records, etc.).

There may be criminal consequences on the officers, so the officers concerned should seek legal advice from our specialist team of insolvency lawyers and litigators as soon as possible.

The team is user friendly and costs conscious.

Evelyn Chan works with most of the active IPs in town and is a rising star.

Tier 2, Insolvency

Dispute resolution boutique Gall regularly handles contentious insolvency matters on behalf of insolvency practitioners and debtors, and also often receives referral work from overseas law firms.

The team is “always on time” and “gives strong advice.

Highly Recommended Firm, Restructuring & Insolvency

Tier 1 Firm, Hong Kong Domestic Firms

Tier 2 Firm, Restructuring and Insolvency Hong Kong Domestic Firms

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