Sun Hung Kai International Limited v SFC - Lessons for IPO sponsors in conducting due diligence and record-keeping
This legal update discusses the following six lessons for IPO sponsors resulting from the Sun Hung Kai International Limited v SFC (Application No.3 of 2013) decision in conducting due diligence and record-keeping.
Doctrine of Privity of Contract Reform - Contracts (Rights of Third Parties) Bill
The Contracts (Rights of Third Parties) Bill ("the Bill") was gazetted on 28 February 2014. The Government will introduce the Bill into the Legislative Council for first reading on 26 March 2014.
Financial Services Newsletter, Issue 3 of 2014: March
"Proposals for a new HK fund vehicle"; "SFC consults on dark pools"; "Third party rights - contract law reform"; "SFC licensing and compliance hints"; "The new Companies Ordinance"; "Other recent publications"
Construction Newsletter, Issue 1 of 2014: March
"Take care when agreeing settlement terms!"; "Is help on the way for Hong Kong contractors?"; "Court considers proper approach for re-rating under GCC 59(4)(b)"; "KK Cheung and Joseph Chung recognised in Chambers & Partners Asia Pacific Guide and Asia Pacific Legal 500"
The New Companies Ordinance Series (4) – Reduction of Capital, Share Buy-back and Financial Assistance
In this legal update, we will discuss changes relating to reduction of capital, share buy-back and financial assistance under the new Companies Ordinance.
Priority of floating charges
A floating charge is a type of security which may be created over a class of moveable assets (such as current assets, trading stock or cash on hand), and are commonly sought by banks and other credit-providers as security for money which has been lent to a borrower. Under a floating charge, the borrower (or chargor) may continue to deal with its assets subject to the charge in the ordinary course of business until the charge crystallises and the creditor takes steps to enforce it. However, a creditor holding a floating charge over some or all of a borrower's assets may find such security challenged by other secured creditors in the event of the borrower's insolvency, giving rise to questions of priorities between them.