Hong Kong has endured a volatile economic environment over the course of the last decade, and despite the relative calm and prosperity of the last few years, with the prospect of an American recession following hard on the heels of the sub-prime crisis, the number of high profile organisations that can expect to face solvency issues within Hong Kong and its environs are increasing daily. Corporate collapse is always a risk, whether through corporate mismanagement, fraud or simple incompetence, but when it strikes, as demonstrated in recent high-profile administrations such as the collapse of the Performance Investments Products Corporation group, the effects are often multi-jurisdictional and long lasting.
Laracy Gall has a strong contentious insolvency practice. Partners Nick Gall, Lewis Man, Randall Arthur and Jeff Lane are experienced responsive and solutions-oriented commercial litigators who have regularly acted in many of the high profile insolvencies and corporate collapses that have taken place in Hong Kong over the last ten years.
Laracy Gall has received instructions from almost all of the well known insolvency firms and practitioners in Hong Kong and is currently retained by the liquidators in respect of some of the largest ongoing liquidations in Asia. The firm’s clients also include other types of appointment takers, creditors, bondholders, financial institutions, investment funds, distressed companies and company directors.
Laracy Gall’s insolvency practice is able to advise on all areas of contentious insolvency, including but not limited to:
- Advising appointment takers, such as liquidators, provisional liquidators and receivers
- Identification and realisation of assets in insolvent estates
- Obtaining validation orders
- Enforcement of security
- Creditor services, including petitioning for winding-up, advice on making claims, filing proofs of debt and attendance at creditors’ meetings
- Investigation and examinations, including Sections 221 and 211 and Letters of Request applications
- Corporate fraud investigation and asset tracing claims, including the recovery of misappropriated assets, with particular experience in areas such as ponzi and pyramid schemes, tollroads, PRC subsidiaries, quasi-partnerships and construction companies
- Ex parte applications for the appointment of provisional liquidators
- Advising on cross border insolvency issues
- General advice in respect of terminal and non-terminal corporate administrations
- Corporate and personal debt recovery
- Advising directors on their duties and liabilities
We aim to provide our clients with “one stop” solutions and work with them at all levels of the liquidation process. In addition to providing liquidation and litigation advice and support, our experienced practitioners counsel our clients on employment issues, corporate governance, insurance, dispute resolution, property release and regulatory compliance arising out of troubled companies.
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