Winding-up Petition based on costs orders payable forthwith cannot be resisted with a cross-claim
In Re Success Lane Development Limited [2025] HKCFI 1121, the Companies Court considered whether a company could resist a winding-up petition presented based on outstanding interlocutory costs orders (payable forthwith or within 14 days upon summary assessment) by relying on a cross-claim for damages in ongoing legal proceedings. Background The dispute between the Petitioner and …
Arbitration in Hong Kong VS Winding-up Proceedings in Foreign Jurisdictions: Hyalroute v ICBC Asia
Introduction In a recent decision, the Hong Kong Court examined the interplay between arbitration agreements and cross-border insolvency proceedings. This decision highlights the divergence between Hong Kong’s pro-arbitration stance, whereby winding-up proceeding will be stayed in favour of arbitration unless there is abuse (see Re Guy Kwok Hung Lam (2023) 26 HKCFAR 129) and the …
Hong Kong Court of Appeal reversed winding-up order and reiterated that benefits under 2nd core requirement must be real rather than theoretical (CACV 233/2022, [2025] HKCA 555 on appeal from [2022] HKCFI 1329)
Factual Background Up Energy Development Group Ltd (the “Company”) was incorporated in Bermuda and listed on the Hong Kong Stock Exchange. It entered into provisional liquidation in October 2016 and was eventually wound up in Bermuda Court on 11 March 2022. In Hong Kong, the winding up order was made on 6 May 2022.
RBI’S FREE-AI FRAMEWORK: NAVIGATING THE LEGAL AND REGULATORY LANDSCAPE
Overview On August 13, 2025, the Reserve Bank of India (“RBI”) released the much-anticipated committee report on Framework for Responsible and Ethical Enablement of Artificial Intelligence (“FREE-AI”) in the financial sector. This comprehensive framework, developed by a committee chaired by Dr. Pushpak Bhattacharyya of IIT Bombay, marks a significant milestone in India’s approach to AI …
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Why A Landmark Ruling Strengthens The Case For Pre-nups
A Supreme Court ruling on whether substantial assets transferred between spouses during marriage should be divided equally on divorce – has reignited the importance of Pre-nups.
Regulation of SAFEs in USA and Armenia: A Comparative Overview
Introduction: The startup ecosystem thrives on innovative financing mechanisms that balance the needs of investors and entrepreneurs. One such instrument that has gained significant traction is the Simple Agreement for Future Equity (SAFE). Originating in the United States, SAFEs have revolutionized early-stage financing by offering a streamlined and flexible alternative to traditional equity investments and …
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EU Sanctions Compliance: Guidance Through Regulatory Challenges
Spurred by recent international events involving Ukraine, Russia, China, Iran, Venezuela, and North Korea, among others, complex export controls, economic sanctions and trade embargoes continue to evolve. In particular, the EU has adopted a wide range of restrictive measures against Russian individuals and entities in order to cripple Russia’s ability to finance the war. Navigating …
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ARTICLE ON 16th EU SANCTIONS PACKAGE
Sanctions adopted following Russia’s military aggression against Ukraine. The European Union (EU) continues to adopt further packages of economic sanctions against Russia due to the continuance of its military aggression against Ukraine, the latest of which is summarised below. The relevant legal framework is EU Regulation 269/2014 concerning restrictive measures in respect of actions undermining …
ARTICLE ON 14th and 15th EU SANCTIONS PACKAGES
Sanctions adopted following Russia’s military aggression against Ukraine. The European Union (EU) continues to adopt further packages of economic sanctions against Russia due to the continuance of its military aggression against Ukraine, the latest of which are summarised below. The relevant legal framework is EU Regulation 269/2014 concerning restrictive measures in respect of actions undermining …
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ARTICLE ON REPORTING OBLIGATION UNDER ARTICLE 5R OF COUNCIL REGULATION (EU) 833/2014 (“Regulation 833”)
New reporting obligations, following the addition of Article 5r of Council Regulation (EU) No. 833/2014 through the 12th EU package of economic and individual sanctions against Russia (the “EU Sanctions”) due to its military aggression against Ukraine, were issued on 18th of December 2023. Note: The position is constantly evolving. Additional sanctions may be introduced …