Wed 07/26/2023 23:03 PM
Reorg Asia’s Highlights:
The Hong Kong Court for the first time has decided on whether an underlying beneficial holder (UBH) of a global note has standing to present a winding up petition as a contingent creditor;
The court rejected the notion that the UBH had standing as there was no direct contractual relationship between the issuer and the UBH. The ruling respects the “no-look through” principle applicable to the typical structure of a global note;
The Hong Kong ruling aligns...
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