Moving in unity – Hong Kong court does away with deed of contribution requirement in sanctioning guarantor's scheme
By EsqSocial Corporation 08/12/22
In Re Unity Group Holdings International Ltd [2022] HKCFI 3419, the Hong Kong court has for the first time sanctioned a scheme of arrangement that releases debts of third-party obligors that were guaranteed by the scheme company without requiring a deed of contribution. The Honourable Mr. Justice Harris deviated from the English law approach and ruled that a deed of contribution will no longer be necessary for the release of a principal obligor's liability that has been guaranteed by the scheme...
By: Hogan Lovells