Reducing and Expunging Proofs of Debt and Dealing with Dividend Overpayments
|by Jennifer Colegate|
Mayer Brown International LLP - London Office
Richard M. Tollan
Mayer Brown International LLP - Hong Kong Office
|June 11, 2014|
Previously published on June 5, 2014
On a recent Mayer Brown JSM application (on behalf of the Liquidators of one of the Lehman Brothers entities) to reduce and expunge proofs of debt, the Hong Kong High Court has ruled that creditors who receive an overpayment of dividends due in respect of a proof of debt which has been “improperly admitted” (rule 96, Companies Winding-Up Rules) must give credit for those overpayments before receiving further dividends in the liquidation (Re Lehman Brothers Commercial Corp Asia Ltd (“LBCCA”)  HKEC 849) (“Proof Application”).
The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
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