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" Tanner De Witt is a business law firm based in Hong Kong with a representative office in Shanghai. Since its foundation in 1999 it has grown rapidly, both in size and reputation, and now has over 50 staff. Its client base ranges from private individuals to major international corporations.Tanner De..." read more
" Troutman Sanders is an international law office with more than 700 lawyers and a national and international reach across 15 offices. Its lawyers provide counsel and advice in practically every aspect of civil and commercial law relating to the firm’s core practice areas: corporate, finance, litigat..." read more

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Overview

The past year has seen a dramatic change in the fortunes of the Hong Kong legal market. The collapse of Lehman Brothers in September 2008 triggered a sea change in the global financial climate, and within just a few weeks, capital markets activity dropped off a cliff, fundraising ground to a halt, and the size and volume of existing deals was much reduced.

Even as the situation began to show signs of improvement in the spring of 2009, there was still an air of uncertainty, with investors taking a much more conservative approach and focusing on risk management, moving away from highly complex structured products to more straightforward lending.

For the firms themselves, there have been few major changes, though the move of Allen & Overy’s equity capital markets team to Latham & Watkins LLP certainly turned a few heads. Laracy Gall split up into Gall & Lane and boutique shipping practice Laracy & Co, while King & Wood completed its merger with Arculli Fong & Ng. Norton Rose Hong Kong announced its intention to merge with Deacons Australia, leaving Deacons’ Hong Kong office as a separate independent entity.

The long-awaited Civil Justice Reforms finally came into effect in April 2009, after nearly a decade of debate. The principal aims of the reforms are to reduce delays, improve the cost-effectiveness and fair allocation of precious court resources, and to facilitate the settlement of disputes at an earlier stage.

Despite the dearth of activity in some areas, other practices have had a busy year, with regulatory lawyers endeavouring to ensure compliance with the regulations to avoid the wrath of a more vigilant Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA). Many firms have also been channelling more resources into their restructuring teams, which have engaged primarily in corporate reorganisations and debt restructurings. The expected wave of defaults and insolvency has not quite materialised, though this may yet occur.

The real success story, however, is the continued trend towards outbound investment from China, particularly in natural resources from Australia and South America. This is certainly nothing new, though the backing of the Chinese government over the past year has moved the process along somewhat, but the relative lack of activity elsewhere has thrown the trend into relief and encouraged a number of firms to beef up their presence in the PRC.

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Legal Developments in Hong Kong

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Cayman Investment Company Obtains Chapter 15 Protection in the United States

    The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.
    - Harney Westwood & Riegels
  • BVI to update Intellectual Property laws

    As the British Virgin Islands continues to play a vital role in facilitating global trade and investment, it turns its attention to helping its more than 60,000 new companies per year build a business environment where innovation can be a key economic driver. Towards this end, the BVI Financial Services Commission (the “FSC”), which is the public body with responsibility for, among other things, administering the intellectual property laws of the BVI, announced on 5 January 2010 the establishment of a Focus Group to review and revise the existing IP laws
    - Harney Westwood & Riegels
  • BRITISH VIRGIN ISLANDS CORPORATE ARRANGEMENT SCHEMES

    With a global economic downturn in full swing, companies around the world are looking for ways to safeguard their future existence. The strategies employed to do so are numerous and varied but a number of companies have employed the use of corporate arrangement schemes entered into with their creditors, investors and other stakeholders as a way to refocus and preserve their business.
    - Harney Westwood & Riegels
  • A Primer to Buying Securities Firms, Asset Managers, Insurers and Banks

    The meltdown in global financial markets has triggered a consolidation of the financial services industry as securities firms, asset managers, insurers and banks alike spin-off assets and restructure their operations to shore up capital. These transactions are often global in nature, involving substantial Hong Kong operations. In this article, we review the basic Hong Kong legal and regulatory framework for these transactions and present some lessons learned.
    - Timothy Loh, Solicitors
  • The PCCW Privatization: A Guide to the Applicable Law for Schemes of Arrangement

    Allegations of share splitting in the proposed privatization of PCCW have raised an important question as to how the statutory majority to approve a scheme of arrangement should be determined. This question is significant both in the short-term for investors trading PCCW and in the long-term in the context of future schemes of arrangement. In this article, we  examine the applicable laws and regulations with a view to providing hedge funds and other investors with guidance.
    - Timothy Loh, Solicitors
  • New Proposals to Regulate Mis-Selling of Investment Funds & Structured Products in Hong Kong

    The recent global financial crisis has resulted in an upswing in regulatory action throughout world markets. In Hong Kong, the Securities and Futures Commission (“SFC”) has proposed a slew of new requirements, some of which have already been implemented retroactively and without industry consultation. In this article we examine these ongoing developments in SFC policy and their effectiveness in reaching a fair balance between investor protection and costs to the investor and the financial industry.
    - Timothy Loh, Solicitors
  • Cross-border transactions and the advantages of using a BVI joint venture vehicle

    As cross-border transactions and international business partnerships become part of everyday life, parties are increasingly looking towards offshore jurisdictions for a neutral vehicle which can be tailored to all of the parties’ needs. This article will take a look at why companies incorporated in the British Virgin Islands (BVI) are suited for such transactions and, given the current economic climate, will also highlight some of the remedies available to a shareholder when a joint venture relationship takes a turn for the worse.
    - Harney Westwood & Riegels
  • The lender’s Holy Grail

    Indira Birkwood of Harneys outlines the advantages of using a BVI company for financing transactions
    - Harney Westwood & Riegels
  • THE USES OF VISTA TRUSTS

    The Virgin Islands Special Trusts Act, 2003 (" VISTA ") is now a little under 5 years old, having come into force in March 2004, and it is perhaps an interesting point to consider how the Act has been used and applied by the trust industry in the British Virgin Islands (" BVI ").
    - Harney Westwood & Riegels
  • Distressed Debt in Hong Kong: An Insolvency Primer for Private Equity

    Recent shocks to the financial markets as well as deteriorating economic conditions have brought insolvency issues sharply back into focus.  For some hedge funds and private equity funds, insolvency has come unwelcome in the form of the deteriorating financial condition of a portfolio company to whom loans have been made or whose debt the funds have acquired.  In this article, we review basic Hong Kong insolvency law concepts and outline debt recovery options.
    - Timothy Loh, Solicitors

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to