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The challenges brought by the COVID-19 pandemic to the economies have been highlighted by the surge in winding-up and insolvency proceedings in Hong Kong.

Join us on 19 April, where representatives from MinterEllison LLP – Desmond Liaw, Partner and Ellie Cheung, Associate – will provide a detailed overview of the various risks and responsibilities of the directors when a company becomes insolvent (or is likely so), and how directors should go about navigating them.

The proposed corporate rescue procedures and insolvent trading provisions in the long awaited and welcomed Companies (Corporate Rescue) Bill, which the Hong Kong Government recently indicated would be introduced in early 2021, will also be covered in this course. While the proposed Bill is expected to allow necessary breathing space for a financially distressed company to continue to operate as a going concern while formulating a rescue plan, directors should also be aware of the additional potential liability imposed thereto.

Course outline:

1.   Tests for corporate insolvency – balance sheet test and cash flow test

2.   Duties of directors and their potential personal liabilities when the company is insolvent
-    Misfeasance proceedings
-    Fraudulent trading
-    Unfair preference
-    Other possible offences

3.   Legislative proposals for the introduction of the Companies (Corporate Rescue) Bill
-    Provisional supervision
-    Protection of employees' interest
-    Statutory Moratorium
-    Voluntary arrangement
-    Applicability to registered non-Hong Kong companies
-    Insolvent trading provisions

4.   Practical advice

**1 CPD point will be awarded after completing this webinar**

Prospective applicants of the CPD point, are kindly reminded to:
1)   note the Law Society's attendance policy for accredited CPD courses and
2)   update their Mandatory CPD Training Records with the CPD points for the course and to keep them up-to-date.


Please refer to the following on the virtual seminar:
-   Upon successful registration of the event, a unique webinar link will be sent to your registered email 2 days before the event. Please refer to the troubleshooting guide here should you experience any issues in locating the webinar link.
-   Instructions on downloading Zoom and joining a webinar can be found here. We suggest that you familiarize yourself with the software in advance of the webinar.
-   Please log in 15 minutes (at 3:45pm) before the event begins, through the link that will be sent to your registered email. This will allow time to address any technical issues that may arise.

DISCLAIMER
Speakers' presentations at this event are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed during this event are those of the speakers and participants and, unless expressly stated to the contrary, are not the opinion or position of the Hong Kong General Chamber of Commerce, its members, or its committees. The Chamber does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that, with the approval of speakers, this event may be recorded, and possibly published on the Chamber's website in audio and/or video formats without further notice.

Recording, duplication or distribution of the contents of the online event is prohibited without prior written permission from the Chamber.

Speaker(s)

Desmond Liaw, Partner, MinterEllison LLP

Desmond specialises in complex commercial and civil litigation, with emphasis on areas such as corporate-related disputes, boardroom disputes, contractual disputes, financial services-related disputes, employment, fraud, trust and professional negligence. He co-leads MinterEllison's employment practice group in Hong Kong. His other area of speciality is in insolvency and bankruptcy. With more than two decades of experience, he delivers effective and practical solutions to clients. 

Originally from Malaysia and having obtained his education in Australia, Desmond is admitted as a solicitor in Hong Kong, NSW (Australia) and Malaysia.

Apart from his areas of speciality in complex litigation, employment and insolvency, Desmond has extensive experience in white-collar crime and regulatory investigations such as the U.S. Foreign Corrupt Practices Act (FCPA) investigations, and has represented clients in investigations and prosecutions by the Hong Kong Independent Commission Against Corruption (ICAC) and the Commercial Crimes Bureau (CCB) of the Hong Kong Police. Desmond is also experienced in Securities Futures Commission matters, regularly advising individual clients in investigations by the regulator.

In the 2020/21 Legal 500, Desmond was quoted as "thorough but at the same time always keeps an eye on the big picture and overall strategy to advance the client's case" and "responsive and knowledgeable". Sources have also said, "Desmond Liaw is an excellent lawyer who is very knowledgeable in the area of litigation. He is approachable and is easily accessible and his advice is well analysed and always practical. He is highly recommended".

Ellie Cheung, Associate, MinterEllison LLP

Ellie Cheung is an Associate in the Disputes, Competition & Insurance team.  Her practice focuses on commercial litigation, insolvency, shareholders' disputes and employment matters. She assisted in acting for various companies in filing police reports, applying for Court injunctions and commencing civil actions at the High Court (including garnishee proceedings) to recover stolen funds as a result of a series of email fraud and which were transferred into Hong Kong bank accounts. She also assisted in advising and representing clients on contentious and non-contentious employment matters ranging from pre-employment to post-employment issues, including working on a number of employment-related projects (e.g. redundancy of employees, standardising employment contracts, employee handbooks and policies).

Language English
Date and Time 2021/04/19 16:00 to 17:00
Venue Online via Zoom
Media Closed to media
Enquiries Karen Au
Tel: 28231200
Email: karen@chamber.org.hk
Fee Members @ HK$100 / Non-Members @ HK$200
+$50 for booking offline
This event accepts Chamber Coupon (terms and conditions)
Members enjoy 30% discount with BOC HKGCC VISA Card
Notes - Bookings are only confirmed upon receipt of payment, on a first come first served basis.
- Booking transfer is allowed for corporate members with advanced notice, walk-ins are normally not accepted.
- The Chamber reserves the right to decline any booking or cancel the event. In such case, a full refund of the participation fee will be issued.
- No refund will be made for last minute cancellations or no-shows. If the booking is cancelled at least 3 days before the event, and in such cases the refund will be subjected to a 10% administration fee, or HK$100 deduction, whichever is higher.
- Members paying with their BOC HKGCC Visa Card will enjoy a 30% discount on their reservation. The discount is only applicable to the card holder, and does not extend to their guests. The discount cannot be used in conjunction with Chamber Coupons.
- A $50 handling fee per person will be charged for all offline bookings (e.g. fax, e-mail, post) for all Chamber events. Go online today by downloading our app or registering on the HKGCC website to save the environment and money.
- Priority is given to corporate members. The decision to accept or decline any booking shall be at sole discretion of the Chamber.