Victor Z.Z. CHEN

Insolvency and restructuring tools are often the final line of defense in fraud investigations and asset recovery. Join our Senior Managing Director, Daniel Chow, from the Corporate Finance & Restructuring practice, along with David Kwok from Dentons, at a training event organised by ACFE Hong Kong Chapter. Together, they will discuss "Using Insolvency and Restructuring Tools to Investigate Fraud." Discover how these techniques can be applied in cases of suspected fraud. Learn more and register here: https://lnkd.in/gEuPARQE #Insolvency #Restructuring #ExpertsWithImpact

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In the recent decision of Re Primlaks (H.K.) Ltd (in Liquidation) [2024] HKCFI 752, the Hong Kong court held that in adjudicating proofs of debt based on a default judgment, a liquidator may go behind the judgment in the event of fraud, collusion or miscarriage of justice. Where a proof of debt is based on a default judgment, the ground of miscarriage of justice is particularly relevant since a default judgment involves a one-sided presentation of facts, the objectivity and accuracy of which could be subject to challenge or further scrutiny. In particular, the court held that the liquidator need not challenge the judgment prior to looking behind it. In this case, the court found it sufficiently clear that the liquidators’ case was based on an alleged miscarriage of justice in a default judgment. The court agreed with the liquidators that there was good reason that the default judgment ought not to have been granted. The petitioner failed to introduce sufficient evidence to discharge their burden of proving that the alleged loans were genuine debts. Furthermore, the available contemporaneous documents show information that directly contradicted the petitioner's claim. As such, the liquidator's decision to reject the petitioner's claim was confirmed and dismissed the petitioner's application with costs. Read more here: https://lnkd.in/ge_sB6Rv The views expressed in the article belong solely to the author(s) of the article and does not necessarily represent the views of INSOL or INSOL Asia Hub. All content presented on LinkedIn by INSOL Asia is for the benefit and interest of the restructuring and insolvency community, and for general informational purposes only, and INSOL makes no representations as to the accuracy or completeness of any information contained in the article. INSOL posts do not constitute legal advice. Credits: Dentons Hong Kong LLP, Keith Brandt, Henry Li #insolvency #restructuring #hongkong

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𝗖𝗢𝗨𝗥𝗧 𝗢𝗙 𝗙𝗜𝗡𝗔𝗟 𝗔𝗣𝗣𝗘𝗔𝗟 𝗨𝗣𝗛𝗢𝗟𝗗𝗦 𝗟𝗘𝗧𝗧𝗘𝗥𝗦 𝗢𝗙 𝗡𝗢 𝗖𝗢𝗡𝗦𝗘𝗡𝗧 (𝗟𝗡𝗖) 𝗥𝗘𝗚𝗜𝗠𝗘 On 10 April 2024, the Court of Final Appeal (“CFA”) in Tam Sze Leung v Commissioner of Police [2024] HKCFA 8 upheld the Court of Appeal’s (“CA”) decision affirming the validity of the Letters of No Consent (“LNC”) regime operated by the Hong Kong police. 𝗔𝗽𝗽𝗲𝗮𝗹 𝘁𝗼 𝗖𝗙𝗔 The appellants’ banks accounts had been frozen pursuant to the LNC regime after the police had communicated to the relevant banks that the accounts contained funds representing the proceeds of crime. The appellants originally challenged the LNC regime by way of judicial review. On 30 December 2021, the Court of First Instance (“CFI”) granted a declaration in favour of the appellants, holding that the LNC regime was unlawful, not prescribed by law, and disproportionately interfered with their right to property. On 14 April 2023, the CA overturned the CFI decision. The appellants successfully applied to the CFA for leave to appeal against the CA’s decision. The background of the case and the previous decisions have been discussed here. The Court of Final Appeal has now unanimously held that the LNC regime is lawful. To read more on the CFA's decision, please click here: https://lnkd.in/gXq7Gjh7 #hongkongpolice #moneylaundering #aml #financialcrime

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In the 2025 edition of The Best Lawyers in Japan™ by Best Lawyers®, we are pleased to share that three lawyers from our firm have been selected as "Lawyer of the Year" in the following areas. ●　Antitrust / Competition Law - Tetsuya Nagasawa ●　International Business Transactions - Tadashi Ishikawa ●　Insurance Law - Motoi Shimadera In addition, many of our lawyers have been included in The Best Lawyers in Japan™.  https://lnkd.in/g9Awgmz4

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| 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 | 𝐏𝐨𝐬𝐢𝐭𝐢𝐯𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐋𝐚𝐧𝐝 𝐚𝐧𝐝 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐋𝐚𝐰 𝐨𝐧 𝐌&𝐀 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 The article is made in collaboration between VCCI-HCM and HM&P Law Firm. In this article, Lawyer Nguyen Nhat Duong and Vu Trung Thanh (HM&P) will mention some positive impacts of the new Law on Land 2024 and the Law on Real Estate Business 2023 on M&A deals in the coming period. Besides, this article was published in the Legal Electronic Magazine on May 7, 2024. Read more at: https://lnkd.in/ghzthytj #hmplaw #lawfirm #LawonLand #LawonRealEstate #MAtransactions #VCCI

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2024/05/03 【Compuslory sale, can apply to lower reserve price due to no bid in auction? - Part 2】 //金朝陽希雲大廈申延長拍賣3個月　並下調底價與市值一致// 🔴Q4: If auction falls through, can applicant go back to Lands Tribunal to extend the 3-month validity period of the order and request to lower the reserve price set for the auction? 🔵A4: From minority owners’ perspective, this may be regarded as having second bite of the cherry. Reasons: ➡️ In most of compulsory sale cases, vast majority of time were incurred for the valuation experts to argue on the “redevelopment value” (RDV) of the lots. ➡️ If a case is set down for trial for, say, 10 days, then almost half (if not more) of the trial dates are set aside for Counsel to cross examine the other side’s valuation expert on details of their valuation evidence. ➡️ The purpose of determining RDV is to facilitate Tribunal to fix the reserve price in public auction. So, if, after spending so much time and costs for Tribunal to fix the reserve price for public auction, if the applicant (majority owner) can always go back to the Tribunal to re-fix the (lowered) reserve price simply because of the poor market and no one bid for the lot in the auction, wouldn’t it be “unfair” for the parties to spend all the time, money and resources to have all the arguments and heated debates at full trial to argue on the reserve price in the first place? [Further discussions in next posts from case law and majority owners’ perspective] //…公司向土地審裁處作出延長申請，以延長舉行進一步拍賣之時間額外3個月，自2024年5月29日起至2024年8月29日；及下調底價以與該地段之當前市值一致。// Source: https://lnkd.in/gZz3wPTv #LandCompulsorySaleforRedevelopmentOrdinance #Cap545 #CompulsorySale #PropertyDevelopment #UrbanRedevelopment #LandsTribunal #land #realestate #房地產 #強拍 #市區重建 #土地為重新發展而強制售賣條例 #土地法 #土地審裁處

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Our Corporate Commercial Partner Cynthia Chung recently hosted a podcast titled “How the AI Revolution is Reshaping the Future of Legal Systems”, organised by Employment Law Alliance (ELA) Joining Cynthia in this programme was Albert Yen, Associate at Lee, Tsai & Lee, Tsai & Partners from Taiwan. They delved into a discussion on the technological advancements in AI and provided insights into how the rapid development of AI technology drives the need for legal systems to evolve and adapt to the new realities reshaped by these advancements. Listen to the full episode: https://lnkd.in/gfRB_dHY #DeaconsEmployment #ELA #EmploymentLaw #EmploymentLawyer #AI #Technology

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Jern-Fei Ng KC (England & Wales) will speak at a panel discussion on “The Increasing Prevalence of AI in the Field of Dispute Resolution” at the Hong Kong Mediation Conference 2024, on 10 May 2024, organised by The Hong Kong Department of Justice. For a registration link and more details of the panel discussion, please see the flyer below. #Conference #Mediation #HongKong #TempleChambers #Legalindustry #Disputeresolution

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How can HR department prepare for the following upcoming challenges to ensure a smooth and complied transitions process? ​ ✔️ The launch of the MPFA's "eMPF Platform" on 26th June 2024 ✔️ The new amendments to the "468" HK Employment Ordinance ✔️ Abolition of the MPF "offset" mechanism on 1st May 2025 ​ Konica Minolta Human Resources Management System (HRMS) enables enterprises to effectively manage and centrally record the complete life cycle of each employee. It automates repetitive tasks and consolidates data so that enterprises can more easily grasp the latest data, for delivering accurate monthly reporting and ensuring compliance. ​ Learn more: https://bit.ly/455nmud #HRMS #HRAutomation

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CCICM are proud to have participated in this major international conference. The event hosted by CCPIT and held in Changsha, the capital of Hunan province, sought to explore alternative forms of dispute resolution, drawing out best practice and market shaping trends from across the world. The conference was hosted against the backdrop of a Post Covid recovery in volumes of international trade and an ongoing digital evolution in the ways that countries trade with each other.   On behalf of CCICM, Joe Marritt presented: A Study Into The Dynamics of Commercial Mediation. This presentation explored the different cultural drivers behind litigation and mediation, concluding that the current increase in the levels of popularity of mediation in the UK and Common Law jurisdictions more widely will continue. These changes have been driven by significant market forces that show no signs of abating. The market forces include, a lack of court capacity, changing consumer sensibilities and the growing acceptance that in some scenario’s mediation can be cheaper, easier, and faster than litigation.   The presentation gained major traction, being broadcast on regional and national television, and being picked up by The Peoples Daily and numerous internet news providers.

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📢eMPF Platform will be launched on June 26, 2024 The Mandatory Provident Fund Schemes Authority today announced that the eMPF Platform will be launched on June 26 The authority called for the co-operation of employees and employers throughout the 18-month onboarding schedule and reminded them to pay close attention to important information in communication packs sent by their trustees. The first two MPF trustees to join the platform – YF Life Trustees and China Life Trustees – will be onboarded on June 26 and July 29, respectively. The remaining MPF schemes will join the platform in ascending order of the value of MPF assets under management by the trustees. All schemes are expected to complete onboarding by the end of next year. The user-friendly platform enables employers to handle administration tasks electronically, saving manpower and time while also enhancing efficiency and averting human errors. Every employee will have only one eMPF account. They can view the MPF balances of their schemes under different trustees clearly via this single account. Currently, the process of consolidating different MPF accounts usually takes up to between two and three weeks, but after all MPF schemes get onboard the platform, the process time will be shortened by half. 📌More Details:  https://lnkd.in/gCPA2t6A #FlexSystem #DigitalTransformation #eMPF #eMPFPlatform

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#Changes to Chinese Company Law: New Requirements for Registered Capital Subscription Period# Dear Connections, I wanted to bring your attention to recent updates in Chinese Company Law that have significant implications for businesses. Effective from 1 July 2024, the amended Company Law and accompanying State Council on the Implementation of the Registered Capital Registration Management System under the 'Company Law of the People's Republic of China' (hereinafter "the Regulation") introduce pivotal changes affecting registered capital subscription period. Key highlights include: For companies established after 1 July 2024 (including 01 July 2024), shareholders of a limited liability company must fully pay the subscribed registered capital within five years from the date of establishment of the company. Promoters of joint stock companies must fully pay for the shares they subscribed to before the date of establishment of the company.   For companies established before 1 July 2024 (not including 01 July 2024), if the remaining subscription period for the unpaid subscribed registered capital of limited liability companies exceeds five years from 1 July 2027, the remaining subscription period must be adjusted by 30 June 2027 to within five years and recorded in the company's articles of association. Shareholders must fully pay the subscribed registered capital within the adjusted subscription period. Promoters of joint stock companies must fully pay for the shares they subscribed to by 30 June 2027. For further details or legal consultation, please reach out to us at panhaiqing@wanyimail.com. Please refer to the chart below for a comprehensive overview of the updated requirements:

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LI Yue of PetroChina has provided a client rating and testimonial for XIA Wei, Senior Advisor of Dacheng Law Offices. He commented, "Xia Wei served as our legal representative and demonstrated a high level of professional competence and solid theoretical foundation in law (specifically in the field of Property Law)." LegalOne Client Rating and testimonial can be found on the lawyer's profile page:  https://lnkd.in/g5EfjP4J For more information, please visit our website at www.legaloneglobal.com or contact us at enquiry@legaloneglobal.com. #LegalOne #Legaloneclientrating #legal #lawyer #lawyers #lawfirm #lawfirms #GeneralCounsel #inhousecounsel #legalprofession #corporateexecutive #China

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【Publication】Lexology Panoramic: Venture Capital 2024 (Taiwan) co-authored by Lee and Li's attorneys David Tien and Judy Lo is available online!   Nowadays, more venture capital investors in #Taiwan are actively involved in the day-to-day operations of start-ups, helping them establish stronger business models and providing networking opportunities with potential suppliers, customers, and investors.   Our partner David Tien and senior attorney Judy Lo, were invited by Lexology Panoramic (formerly GTDT) to contribute the Taiwan chapter for "Venture Capital 2024". This article offers a comprehensive analysis of the #venturecapital market and related regulations in Taiwan. It also delves into the #investment structure, documents and process, due diligence, investment terms, and listing and trade sale exits, providing professional insights for venture investors and entrepreneurs.   🔎The full text is available: https://lnkd.in/gQ6-r45y   💼Introduction to Lee and Li's Corporate Investment Practices Group: https://lnkd.in/gRvh8yQ  

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Deacons acts as the Hong Kong legal advisers to Metasurface Technologies Holdings Limited (SEHK Stock Code: 8637) (“Metasurface Tech”) in relation to its GEM IPO launched on 21 June 2024. Metasurface Tech is a precision engineering services provider headquartered in Singapore, specialising in providing precision machining and precision welding services for international companies in the semiconductor and other sectors. It ranked fifth in terms of revenue from the semiconductor segment of the precision component engineering industry in Singapore in 2023, according to a market research report commissioned by the company. Dealings in its shares on GEM of the Hong Kong Stock Exchange are expected to commence on 2 July 2024. Our team is led by Ronny Chow, Head of Deacons’ Corporate Finance Practice Group. #Deacons #DeaconsCorporateFinance #DeaconsCapitalMarkets #HongKongIPO #GEM

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📢 Great news!!! #HongKong ’s “Patent Box” #TaxIncentive📢 Hong Kong implements the “patent box” tax incentive with effect from 5 July 2024 to provide tax concessions for qualifying profits sourced in Hong Kong and derived from eligible intellectual properties (“IP”) created through #researchanddevelopment (“R&D”) activities. Taxpayers can apply for the “patent box” tax incentive starting from the year of assessment 2023/24. The “patent box” tax incentive covers the following five key main areas: Concessionary tax rate The concessionary tax rate is 5%, which is substantially lower than the existing normal profits tax rate in Hong Kong (i.e. 16.5%). The rate is very competitive vis-à-vis similar regimes introduced by other jurisdictions. Coverage of eligible IPs Eligible IPs covered are patents, copyrighted software and new plant variety rights. Place of registration of eligible IPs Eligible IPs can be registered in different places around the world and their related profits sourced in Hong Kong can benefit from the “patent box” tax incentive. R&D requirement Eligible IPs should be developed by taxpayers themselves. If the R&D process involves acquisition of other IPs, or outsourcing part of the R&D activities, the amount of profits eligible for the concessionary tax rate may be reduced proportionally. Local registration requirement Enterprises should obtain local registration for their inventions or new plant variety rights in Hong Kong in order to enjoy the “patent box” tax incentive. This requirement will only start to implement two years after the “patent box” tax incentive came into operation. As a member of the Inclusive Framework on Base Erosion and Profit Shifting, Hong Kong’s “patent box” tax incentive fully complies with the nexus approach promulgated by the Organisation for Economic Co-operation and Development. The Inland Revenue Department of the Government of the Hong Kong Special Administrative Region will provide further administrative guidance regarding the “patent box” tax incentive on its website (www.ird.gov.hk) for taxpayers’ reference. 

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[Legal Briefing] The amended Law on Protection of Consumers' Rights takes effect today, July 1, 2024. Insights from Lawyer DUONG DUYEN and Ms Van Nguyen reveal key aspects of the new legislation on consumer information protection, emphasizing its impact on both businesses and consumers. These changes aim to enhance consumer trust and data security, while businesses must adapt to the new regulatory landscape to avoid penalties and maintain customer confidence. The full article can be found at: https://lnkd.in/gMMXWUpj #LNTPartners #legalbriefing #customersright #protection #data

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