Corporations Information Sheet 1: Winding up proceedings . Making a Statutory Demand 2.1 A Statutory Demand is a creditor’s formal, written request requiring a company to pay a debt within 21 days of service. 2.2 The requirements for making a Statutory Demand are set out in s459E of the Corporations Act.. Overview of the Insolvency Regime in Hong Kong Testimonial ‘One of the top insolvency teams in the market’, the three-partner team at Tanner De Witt is highly in demand as a result of its ‘specialised experience combined with practical advice.’-LEGAL 500. Key Contacts. Ian De Witt Partner; Robin Darton Partner; Sunny Hathiramani Partner. Important Changes under the Companies (Winding Up and . Oct 27, 2016 · This is the second in a series of articles highlighting the changes to be brought in by the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance), which was gazetted on 3 June 2016 and will come into effect on a date to be appointed by the Secretary for Financial Services and the Treasury.. Hong Kong Judiciary General Instructions of Fillable Form, MS Word. 1. Please click shaded input boxes to enter information. There are three types of input boxes, namely Drop Down List, Check Box, and Text Box.. Construction Insolvency in Hong Kong Oct 15, 2002 · The Companies Ordinance and the Bankruptcy Ordinance allow a creditor to issue a formal demand for payment of a debt (usually referred to in the ordinances as a "statutory demand").. Government Forms Latest Update : 10 October 2018. Asia Television : STATUTORY DEMAND Disclaimer. Co-Prosperity Holdings Limited published this content on 21 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2019 10:30:05 UTC. What is a statutory demand If a creditor is owed money, they can issue a statutory demand. A statutory demand is a formal written request that a debt must be paid. An individual or business that receives a …. Pay Up: The what, why and how of a statutory demand A statutory demand can be a useful tool in pressuring a company to pay its outstanding debts. There can be serious consequences if the receiving company does not comply with a statutory demand and it can be quicker and less costly than commencing Court proceedings.. KWM Jan 19, 2016 · This article was written by David Cowling and Luke Hamblen.. A recent Supreme Court of New South Wales decision has illuminated the potential for issues to arise when the statutory demand procedure under the Corporations Act 2001 (Cth) is used by a creditor to enforce an adjudication certificate obtained under the Building and Construction Industry Security of Payment Act 1999 (NSW) …. Hurdles to Winding Up Foreign Companies in Hong Kong Re . In a recent decision of Re Insigma Technology Co Ltd unreported, HCCW 224/2013 (15 October 2014), Harris J restated the general principles of winding up a foreign company under section 327 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32). He also warned the prospective petitioners of the possibility that an indemnity costs order may be made against them if …. A Procedural Guide to Compulsory Liquidation in Hong Kong Summary Procedure Order In the vast majority of liquidations in Hong Kong, the assets of the company are worth less than HK$200,000. This gives rise to what are known as "Summary" cases.. Winding up a foreign incorporated company in Hong Kong . Sep 19, 2017 · Generally speaking, the most appropriate jurisdiction in which to wind up a company is the jurisdiction where the company is incorporated, and the jurisdiction to wind up a foreign company has often been described as exorbitant or as usurping the functions of …. Bankruptcy, Individual Voluntary Arrangement and Winding . Hong Kong - Bankruptcy Information, Individual Voluntary Arrangement (IVA), Winding-up of Companies. Hong Kong - Bankruptcy Information; In this section, you can find general information on the bankruptcy procedures concerning individual persons, the relevant consequences on the debtors/bankrupts, and the rights of the creditors for claiming against the bankrupts.. Ask the team: Can a solicitor serve a statutory demand for . An application for assessment of fees under the Solicitors Act must generally be brought within 12 months of the delivery of the bill (section 70(3)).Even if no application has been brought within this time, the outstanding fees are not automatically converted into a liquidated debt, as the client would still be entitled to challenge the reasonableness of the fees if the solicitor sued on them.. Dealing with Statutory Demands A statutory demand is a document that is, or purports to be, a demand served upon a company under the Australian Corporations Act 2001. The document should have the title "Creditor's Statutory Demand for Payment of Debt" on the heading of the front page.. Contents of a Statutory Demand Our expert Bankruptcy Solicitors & Barristers provide professional and specialist legal advice to guide you to the best legal outcome. Our team of London lawyers are based in Middle Temple adjacent to the Royal Courts of Justice. For your case assessment and for more information about our legal services get in touch using our online form, ☎ 02071830529 or email us on .. Enforcement of Foreign Judgments 2020 Hong Kong: Enforcement of Foreign Judgments Laws and Regulations 2020. ICLG - Enforcement of Foreign Judgments Laws and Regulations - Hong Kong covers common issues in enforcement of foreign judgments laws and regulations through the detailing of the general enforcement regime, enforcement regime applicable to judgments from certain countries, and methods of enforcement in 35 jurisdictions.. Statutory Demands A statutory demand can be a useful way to try to force a debtor (company or individual who owes you money) to make payment to you. If you are having problems recovering money owed to you this can force the hand of the Debtor by threatening either bankruptcy (if an individual) or winding-up (if a company).. CLIC 1. Bankruptcy proceedings can only be commenced by creditors but not by the debtors. Is this true? No. Other than the Creditor's Bankruptcy Petition (legal action commenced by creditors), debtors can also institute bankruptcy petitions against themselves (i.e. Debtor's Bankruptcy Petition). You are recommended to consult a lawyer before you commence bankruptcy proceedings.. Robertsons The Statutory Demand and Disputed Debts Great care must be taken when drafting the Statutory Demand. The creditor must ensure that the debt is due and payable at once. Any debt that is merely prospective or contingent in nature will not suffice.. Forms To Serve A Statutory Demand About these forms. A statutory demand is an ancient but still incredibly powerful debt collecting device. The law assumes it merely paves the way for a bankruptcy or winding up petition, but the threat of a petition can spur repayment from even the most unwilling debtor.. Statutory demands: who bears the costs? Nov 25, 2015 · Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of …. Dentons Hong Kong Mar 19, 2020 · In Re Li Xiaoming1, a statutory demand against the debtor was issued on 21 June 2018. In accordance with the steps prescribed in the Practice Direction 3.1, the Creditor attempted to serve the statutory demand at the Debtor’s previously known addresses in Hong Kong …. Official Receiver's Office Public Forms Download Format; Notice of Intention to Object to Bankrupt's Discharge under Section 30A(4) of the Bankruptcy Ordinance (Chapter 6) This form (Form 82) should be used by creditors who wish to object to a bankrupt's discharge.Creditors should refer to the relevant "Notice To Creditors by Trustee" and file the completed Form 82 to:-. Inaccuracies do not automatically invalidate demands . Sep 22, 2014 · Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of …. So you've received a statutory demand… So you’ve received a statutory demand… A creditor can serve a statutory demand for payment of a debt/s pursuant to section 459E of the Corporations Act 2001 (Cth) (“the Act”) if the debt/s is/are due and payable to the creditor by the company and the total amount must be at least the statutory minimum (presently $2,000.00).. The company that is served with the statutory demand has . . Setting Aside Statutory Demand on Grounds of Arbitration . Download publication. The Court of Appeal (CA) recently dismissed an appeal to set aside a statutory demand arising out of the failure to pay margin calls in But Ka Chon v.Interactive Brokers LLC (02/08/2019, CACV 611/2018)  HKCA 873, despite the presence of a mandatory arbitration clause.. Statutory demands Rachel Faulkner and Sophie Elboz consider the procedure for commencing proceedings and the proper use of statutory demands Assumptions. For the purposes of this article, the following facts will be used to illustrate some of the points to be made:. Statutory demand mistakes A court can set aside a statutory demand if it is shown to be defective. This is pursuant to a legal case called Re A Debtor (Number 1 of 1987)  1 WLR 271.. Official Receiver's Office (a) Complete a Creditors’ Bankruptcy Petition on Form 10, 10A or 10B of Bankruptcy (Forms) Rules, as appropriate, after serving the Statutory Demand on the debtor using Form 162, 163 or 164 of Bankruptcy (Forms) Rules, as appropriate, or upon failure of execution of Judgment obtained against the debtor;. Re Leung Cherng Jiunn Petition – bona fide dispute as to debt – whether higher standard required for resisting petition on ground of bona fide dispute than for resisting application for summary judgment. Improvement of Corporate Insolvency Law Consultation Docuement Cover Size: 210mm (W) x 297mm (H) Option 2 (English) April 2013 Financial Services and the Treasury Bureau www.fstb.gov.hk. Companies Winding Up and Miscellaneous Provisions Ordinace . The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance. After the enactment of the Companies Ordinance (Cap. 622) on 3 March 2014, Hong Kong’s legislation regarding the winding up of Companies remained in the (newly named) Companies (Winding up and Miscellaneous Provisions) Ordinance (Cap.. Statutory demand against a company – general procedure Statutory demand against a company – general procedure. September 1997 . 45.35 Statutory demand. A statutory demand is a written demand for payment of a sum due, served by a creditor on a company under s123(1) (a) (registered companies) or s222(1)(a) (unregistered companies).. Statutory Demands: Not Something To Ignore Apr 11, 2007 · In our experience, whilst most directors know the nature of a Statutory Demand (that is, a demand for a payment), the consequences of failing to deal with a Statutory Demand expediently are not always understood.. Make and serve a statutory demand, or challenge one Statutory demand forms Choose the form you need, fill it in and deliver (‘serve’) it to the individual or company that owes you money. You do not need to send a separate letter. Serve a demand on. . Cap. 6B Bankruptcy (Forms) Rules To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page.. HFW Global Contacts Hao-Ling Yau Senior Associate Hong Kong Phone: +852 3983 7769. Full profile of Hao-Ling Yau email@example.com Download VCard. George Lamplough Partner Hong Kong. How Does a Statutory Demand Document Work? Aug 31, 2016 · August 31, 2016 (Updated on August 6, 2018) A statutory demand is a document sent to a debtor company, requiring it to pay a debt owed. Although this type of demand was not designed to be a debt recovery tool, you may be able to use it to recover your money from someone else. This article explains what a statutory demand is, as well as the risks associated with sending such a demand.. Application to Set Aside a Statutory Demand [rule 47] Application to Set Aside a Statutory Demand [rule 47] IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE Application to Set Aside a Statutory Demand [rule 47] (a)Insert name and address of person to attend hearing.. Cap. 32H Companies (Winding To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page.. Do Winding Up Petitions Require a Statutory Demand . A statutory demand is a written and formal demand made by a creditor for the repayment of debt.. Statutory demands are often served on companies that owe money to creditors who have already made repeated and unsuccessful attempts to recover the debt.. statutory demand Latest News & Headlines THE BUSINESS TIMES statutory demand - Find statutory demand News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times.. How to prepare and issue a statutory demand Can a Statutory Demand be set aside by a Court? A debtor can apply to the appropriate Court to have a Statutory Demand set aside (cancelled). Whilst Courts can set aside statutory demands but will only do this if there is a genuine dispute about whether the debt exists.. Hong Kong's updated corporate Winding The latest piece in the jigsaw of Hong Kong's corporate winding-up regime is the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 ("Amendment Ordinance"), which enters into legal effect as of today, 13 February 2017.Whilst the Amendment Ordinance may arguably add an extra layer of complexity when interpreting the rules, the result is that the existing winding-up . . The Government of the Hong Kong Special Administrative . Latest Update : 10 October 2018.
Making a Statutory Demand 2.1 A Statutory Demand is a creditor’s formal, written request requiring a company to pay a debt within 21 days of service. 2.2 The requirements for making a Statutory Demand are set out in s459E of the Corporations Act.. Testimonial ‘One of the top insolvency teams in the market’, the three-partner team at Tanner De Witt is highly in demand as a result of its ‘specialised experience combined with practical advice.’-LEGAL 500. Key Contacts. Ian De Witt Partner; Robin Darton Partner; Sunny Hathiramani Partner. Oct 27, 2016 · This is the second in a series of articles highlighting the changes to be brought in by the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance), which was gazetted on 3 June 2016 and will come into effect on a date to be appointed by the Secretary for Financial Services and the Treasury..