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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”) [2014] HKEC 849) (“Proof Application”).


 

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Author
 
Jennifer Colegate
Richard M. Tollan
Practice Area
 
Bankruptcy
 
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