[2024] HKCFA 15 — AD HOC COMMITTEE (COMPRISING CMB WING LUNG BANK LTD AND THE EXPORT- IMPORT BANK OF CHINA) V. CHINA LIFE TRUSTEES LIMITED (and 1 other)

Practice Areas

Companies (Winding Up and Miscellaneous Provisions) Ordinance Land Registration Ordinance

Judges (5)

Cheung Coram Fok Coram Gummow Coram Lam Coram Ribeiro Coram

Counsel (9)

DLA Piper Hong Kong Firm Grandall Zimmern Law Firm Firm Kirkland & Ellis Firm Bankim Thanki Counsel Plaintiff Jonathan Hilliard Counsel Defendant Joshua Chan Counsel Plaintiff Laurence Li Counsel Intervener Sik Chee Ching Counsel Intervener Victor Dawes Counsel Plaintiff

Parties (7)

Ad Hoc Committee Intervener Bank of Communications Garnishee Bank of Communications Trustee Limited Interested Party China Energy Reserve and Chemicals Group Company Limited Defendant China Energy Reserve and Chemicals Group Overseas Company Limited Defendant China Life Trustees Limited Plaintiff comprising CMB Wing Lung Bank Ltd and The Export-Import Bank of China Unknown

Summary

An ad hoc committee of creditors comprising CMB Wing Lung Bank and the Export-Import Bank of China appealed against China Life Trustees Limited in insolvency proceedings. The case raised questions about the proper approach to creditor priorities and the administration of insolvent estates. The appeal addressed important questions of insolvency law.

Statutes Cited

Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)

Land Registration Ordinance (Cap 128)

Cases Cited (15)

UK (10)

[1970] AC 567 [1983] 1 AC 598 [1993] AC 70 [1995] 1 AC 74 [1996] AC 669 [2002] 2 AC 164 [2015] EWCA Civ 59 [2019] EWCA Civ 294 [2022] 1 WLR 2087 [2022] UKPC 8

AU (2)

[2012] NSWCA 135 [2024] HCA 16

HK (3)

[2022] HKCFI 795 [2023] HKCA 1251 [2023] HKCA 966

Cited By (2)

[2025] HKCFA 6

PEKING UNIVERSITY FOUNDER GROUP COMPANY LIMITED (北大方正集團有限公司) V. NUOXI CAPITAL LIMITED (諾熙資本有限公司) (IN LIQUIDATION IN THE BRITISH VIRGIN ISLANDS) (and 2 others)

[2024] HKCFA 23

AD HOC COMMITTEE (COMPRISING CMB WING LUNG BANK LTD AND THE EXPORT- IMPORT BANK OF CHINA) V. CHINA LIFE TRUSTEES LIMITED (and 1 other)