Company and Insolvency — James Wood successfully represents the petitioner for the winding up of Tianji Holding Ltd in the liquidation of China Evergrande Group

At a hearing before the Companies Court on 17 February 2025, Tianji Holding Ltd was ordered to be wound up by the Hon. Madam Justice Linda Chan in HCCW 637/2024. The petition for the winding-up of Tianji Holding Ltd was filed by China Evergrande Group (In Liquidation) and its liquidators Mr Edward Middleton and Ms Tiffany Wong of Alvarez & Marsal Asia Limited. Tianji Holding Ltd is one of the key indirect subsidiaries within the China Evergrande Group and was one of its key offshore financing vehicles. The unpaid amount owing by Tianji Holding Ltd to China Evergrande Group is more than US$5 billion (RMB 36 billion). 

Tianji Holding Ltd’s arguments that it did not owe the outstanding sum claimed by China Evergrande Group were rejected by the Court. Further, Tianji Holding Ltd’s sole director, Mr Chen Daiping, was given 28 days to explain to the Court why he should not be personally liable for the costs incurred by China Evergrande Group and its liquidators in respect of the winding-up petition. China Evergrande Group has more than US$300 billion of liabilities and the liquidation is one of the largest ever. The winding-up of Tianji Holding Ltd is the latest order of the Hong Kong Court granted for the purpose of enabling the liquidators of China Evergrande Group to consolidate control of its subsidiaries. Tianji Holding Ltd is the second China Evergrande Group arm to be wound up this year. James Wood also represented the successful petitioner for the winding-up of CEG Holdings (BVI) Limited on 10 January 2025, after obtaining an earlier provisional liquidation order on 12 September 2024.

James Wood was instructed by Clifford Chance to act for China Evergrande Group (In Liquidation), the petitioner in the winding up of Tianji Holding Ltd. He was led by John Scott SC. Mr Wood practices Hong Kong, English and British Virgin Islands BVI law. He was recently admitted as a legal practitioner in the BVI.

 

James Wood

James is a seasoned litigator with over 25 years of experience in Hong Kong. He is particularly recognised for his expertise in restructuring and insolvency, commercial fraud and financial disputes, including disputes involving asset tracing and recovery. 

Before joining the Bar, James was most recently a Solicitor Advocate and Partner at Lipman Karas, now Karas So LLP in Association with Mishcon de Reya.

View James’ profile.

This article was first published on 17 February 2025. 

Disclaimer: This article does not constitute legal advice and seeks to set out the general principles of the law. Detailed advice should therefore be sought from a legal professional relating to the individual merits and facts of a particular case. The photographs which appear in this article are included for decorative purposes only and should not be taken as a depiction of any matter to which the case is related. The views and opinions expressed in this article/material are solely those of the members authoring it and do not necessarily reflect the official policy or position of Denis Chang’s Chambers, or of any other member or members of Denis Chang’s Chambers.