Best Restructuring & Insolvency Lawyers in Hong Kong

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Hugill & Ip Solicitors
Admiralty, Hong Kong

Founded in 2018
50 people in their team
Lawsuits & Disputes Restructuring & Insolvency Ethics and Professional Responsibility +6 more
OverviewACHIEVING SUCCESSFUL OUTCOMES TOGETHER We are a young independent law firm but with decades of experience providing bespoke legal advice and exceptional client service to individuals, families, entrepreneurs, and businesses, in Hong Kong and internationally. Our solicitors have...
Temple Chambers
Admiralty, Hong Kong

Founded in 1977
50 people in their team
Chinese
English
HistoryTemple Chambers was formed in 1977. Its first head of chambers was Richard Mills-Owens, who was appointed Queen's Counsel in 1979 and conferred with the title of Honorary Life Member of the Hong Kong Bar Association in 2009.Chambers has a strong tradition of judicial and public service, the...
Tonys Lawyers
Central, Hong Kong

Founded in 2002
10 people in their team
Chinese
English
Who We AreTonys Lawyers was founded by a number of experienced lawyers who had been working and practicing for around or more than 20 years in Hong Kong’s top tier local and international law firms. Each of them has been well recognized in their respective practice areas, i.e. corporate and...
Ashurst
Central, Hong Kong

Founded in 2005
50 people in their team
Chinese
English
Ashurst Dubai OfficeFounded in 2005, our Dubai office acts as our regional hub in the Middle East with specialist knowledge of booming markets in all of the GCC states and many other key MENA states including Jordan and Egypt. With a history of over 100 years working in the Middle East, our Dubai...
Hampton, Winter and Glynn
Central, Hong Kong

Founded in 1982
10 people in their team
Chinese
English
Hampton, Winter and Glynn (HWG) has been providing legal services to Hong Kong’s businesses, community and people for 40 years.  HWG is Hong Kong’s preeminent independent law firm and is strongly committed to the prosperity and success of the region. The firm’s areas of...
Kevin Ng & Co., Solicitors
Central, Hong Kong

Founded in 1999
50 people in their team
Chinese
English
About UsEstablished since 1999, KEVIN NG & CO., SOLICITORS ("KNC") at present comprises of six legal professionals: Mr. Kevin Ng, Senior Partner; Mrs. Cecilia Wong, Partner; Mr. Wing Lung Kwok, Consultant;  Mr. Alex Lam, Associate; and Ms. Mandy Wong, Associate.The aspiration of Kevin Ng...
Bond Ng Solicitors
Happy Valley, Hong Kong

Founded in 2016
10 people in their team
Chinese
English
About usBond Ng Solicitors was founded in 2016 with a focus on corporate, commercial litigation, civil and criminal litigation matters. With solid experience, we provide professional legal advice to clients in relation to lands disputes, fraud and assets tracing, matrimonial matters and personal...
Mayer Brown Hong Kong LLP
Central, Hong Kong

Founded in 2024
English
Mayer Brown Hong Kong LLP stands out as a premier law firm offering comprehensive legal services to clients operating in Hong Kong and across the Asia-Pacific region. With a team of highly skilled attorneys, the firm delivers sophisticated solutions in areas such as corporate law, finance, dispute...

Founded in 1977
50 people in their team
Chinese
English
Andrew Hart, Peter Mills and Will Giles are working in partnership as a firm of Solicitors and Notaries in Hong Kong.With over 45 years of combined experience of practising in Hong Kong, Hart Giles is well positioned to offer strategic dispute resolution and business solutions at competitive cost...
Slaughter and May
Central, Hong Kong

Founded in 1974
5,000 people in their team
Chinese
English
HONG KONG OFFICEWe have a long-standing presence in Asia and opened our office in Hong Kong in 1974.We have extensive experience of a wide range of work involving Hong Kong, the People's Republic of China and Asia.We act for many of the world's leading companies who choose us because we share their...
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About Restructuring & Insolvency Law in Hong Kong

Restructuring and insolvency law in Hong Kong refers to the legal processes and frameworks that come into play when individuals or companies are unable to pay their debts as they fall due. In such circumstances, Hong Kong law offers several mechanisms to either allow a business or individual to reorganise their debts and operations (restructuring) or to wind up their affairs in an orderly manner (insolvency). The aim of these laws is to balance the interests of creditors, debtors, employees, and other stakeholders, while providing predictable and effective solutions for financial distress.

Why You May Need a Lawyer

There are various scenarios where seeking professional legal advice is crucial in matters of restructuring and insolvency. Some common situations include:

  • Your company is facing cash flow difficulties and you are unsure how to proceed.
  • You have received a statutory demand or winding-up petition from a creditor.
  • You wish to explore options for restructuring your debts.
  • You are a creditor seeking to recover money from a financially distressed debtor.
  • You are a director worried about your personal liability due to your company’s insolvency.
  • You wish to buy assets from a company that is being wound up or restructured.
  • You are an employee concerned about your rights in an insolvency situation.

A lawyer can explain your rights and obligations, guide you through the complex legal processes, and help you minimise risks or losses.

Local Laws Overview

Hong Kong’s framework for restructuring and insolvency is primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), the Bankruptcy Ordinance (Cap. 6) for individuals, and relevant case law. Key features include:

  • Corporate Insolvency: Companies that cannot pay their debts may be wound up either voluntarily or by court order. A liquidator is appointed to collect assets, settle debts, and distribute any remaining funds.
  • Individual Insolvency: Individuals who are unable to pay their debts may be subject to bankruptcy proceedings. An official receiver manages the bankrupt estate and looks after distribution to creditors.
  • Restructuring Mechanisms: Schemes of arrangement allow companies and creditors to reach a court-sanctioned compromise. There is an increasing focus on corporate rescue procedures, although a formal corporate rescue law has not yet been fully implemented in Hong Kong.
  • Provisional Liquidation: Provisional liquidators may be appointed to preserve company assets or facilitate a restructuring while the winding-up process is ongoing.
  • Cross-Border Issues: Hong Kong courts can recognise and assist with overseas insolvency proceedings in cases with international elements.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring generally involves reorganising a company’s debts and operations to allow it to continue trading, while insolvency is the legal process when a person or company cannot pay its debts and may involve bankruptcy or liquidation.

When can a company be wound up in Hong Kong?

A company may be wound up if it is unable to pay its debts, if members decide to wind it up voluntarily, or on other statutory grounds such as if it is just and equitable to do so.

What happens during liquidation?

During liquidation, a liquidator takes control of the company’s assets, pays off creditors as far as possible, and distributes any surplus to shareholders before dissolving the company.

How does personal bankruptcy work?

An individual can be made bankrupt if they owe at least HKD 10,000 and are unable to pay. The Official Receiver or a trustee manages the bankrupt’s estate and distributes assets to creditors.

Can a Hong Kong court recognise foreign insolvency proceedings?

Yes, Hong Kong courts have powers to recognise and assist foreign insolvency proceedings under certain conditions, especially where there is a substantial connection to Hong Kong.

What is a scheme of arrangement?

A scheme of arrangement is a court-supervised process in which a company and its creditors or shareholders agree to restructure the company’s debts or ownership, subject to approval by requisite majorities and the court.

Are directors personally liable for a company’s debts?

Generally, directors are not personally liable, but may become so if they have engaged in wrongful trading, fraudulent acts, or breached statutory duties.

Do employees have any priority in insolvency?

Hong Kong law gives certain employee-related claims, like unpaid wages and severance pay, preferential status in a liquidation or bankruptcy.

What should I do if my company receives a winding-up petition?

You should seek legal advice immediately to assess your options, respond appropriately in court, and try to negotiate a settlement or restructure debts if possible.

Can I start a new company after bankruptcy?

Once discharged from bankruptcy, you are generally free to start or manage a new company, unless otherwise restricted by a court order.

Additional Resources

The following resources and organisations can provide help and further information on restructuring and insolvency in Hong Kong:

  • Official Receiver’s Office (ORO) - Government body overseeing bankruptcy and winding-up matters
  • Hong Kong Institute of Certified Public Accountants (HKICPA) - Professional body for insolvency practitioners
  • Hong Kong Bar Association - Information on finding barristers specialising in insolvency
  • The Law Society of Hong Kong - Directory of solicitors including those who practice in restructuring and insolvency
  • Community legal advice centres for general guidance

Next Steps

If you are facing or anticipating financial distress or insolvency, it is important to act promptly. Consider gathering all your relevant financial documents, making notes of your creditors and outstanding debts, and seeking professional advice. Contact a qualified lawyer or insolvency practitioner with experience in Hong Kong restructuring and insolvency matters. Early legal guidance can help you understand your options, safeguard your rights, and potentially avoid more serious consequences down the line.

Be proactive, stay informed, and do not hesitate to reach out to professionals or relevant authorities for support.

Lawzana helps you find the best lawyers and law firms in Hong Kong through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Hong Kong - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.