Hong Kong Lawyer

April 2017

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EDITOR'S NOTE 編者的話 Cynthia G. Claytor 《香港律師》編輯 Legal Media Group 湯森路透 cynthia.claytor@thomsonreuters.com When negotiating a complex commercial transaction or relationship, it is common for parties to enter into an agreement in stages (eg, due to the deal being too complex or time-consuming to complete in a single stage or there being uncertainties surrounding the transaction that take time to resolve). For such deals, parties often first enter into a memorandum of understanding ("MOU") (also referred to as heads of agreement, letter of intent or term sheet). The MOU is a document that outlines the key terms and details of a transaction, generally through both binding and non- binding provisions. The binding provisions govern the process that leads to the execution of a more formal or definitive agreement, while the non- binding provisions lay out the substance of the deal, or the key commercial terms. As the author of the Corporate law feature (p. 33) explains, there are a fairly standard set of binding procedural provisions that are included in MOUs; however, no such standard set exists for non-binding commercial provisions. As the non-binding provisions generally determine the fate of a transaction, the author sets out a systematic approach that can be adopted to determine the minimal commercial terms that an MOU should contain to ensure that there is a transaction in reach. Elsewhere in the April issue, the Judicial Review piece (p. 28) examines the recent judicial review proceedings against the approval of the Airport Authority Hong Kong's Environmental Impact Assessment Report and the grant of an environmental permit for the proposed third-runway system at the Hong Kong International Airport. After analysing the court's holdings on the four key issues considered during the proceedings, the author highlights a number of points that practitioners should keep in mind when drafting the Form 86. The Insolvency law article (p. 38) discusses the recently enacted Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance (Cap. 32) and its new and improved provisions, concluding with some practical tips for companies and creditors under this new legal regime. Also included is a Career Development feature (p. 66) that outlines a variety of career management ideas for women in law. Here, the author concludes that while it is important for women to work industriously and conscientiously throughout their careers, neither is sufficient to secure long-term success and security. That can only be achieved by putting thought into what you want your career path to be and making a plan to achieve it. 4 www.hk-lawyer.org •  April 2017 Cynthia G. Claytor Editor, Hong Kong Lawyer Legal Media Group Thomson Reuters cynthia.claytor@thomsonreuters.com 當談判複雜的商業交易或關係時,各方通常會分階段達 成協議(例如,由於在單一階段完成交易會過於復雜或 費時,或交易中存在不確定性而需要時間解決)。對於 這種交易,各方通常首先簽署諒解備忘錄(「諒解備忘 錄」)(也稱為協議主題,意向書或條款表)。諒解備忘錄 是一份文件,一般通過具有約束力和不具約束力的規定 來概述交易的關鍵條款和細節。該等有約束力的規定規 管了導致執行更正式或最終協議的過程,而不具約束力 的條款則規定了交易的實質或重要的商業條款。 正如我們的企業法專欄(第36頁)的作者所解釋的那樣, 通常有一套相當標準的約束性程序規定被包含在諒解備 忘錄中;然而,對於不具約束力的商業條款則沒有這樣的 標準。由於非約束性規定通常決定交易的命運,本文列 出了一種系統性的方法,可用於確定諒解備忘錄應包含 的最低商業條款,以確保可達成交易。 在四月號的其他地方,「司法覆核」(第31頁)審視了最 近針對機場管理局香港環境影響評估報告的批准,及 擬議的香港國際機場第三跑道系統的環境許可證的批准 的司法覆核程序。在分析了法庭對訴訟程序中考慮的四 個關鍵問題的分析之後,作者強調了起草人員在草擬第 86號表格以開始司法覆核程序時應牢記的若干要點。 「破產法」(第41頁)討論了最近頒布的《公司(清盤及 雜項條文)(修訂)條例》(第32章)及其新的及改進的條 文,並根據這項新法律制度,為公司和債權人提供了一 些實用提示。 本期還包括「事業發展」專欄(第68頁),概述了婦女在 法律方面的各種職業管理理念。作為律師,儘管在整個 職業生涯中勤奮盡責地工作很重要,但筆者也指出,這 既不足以確保長期的成功與保證。這只能通過多加思考 你想要的事業發展途徑,並製定計劃來實現。

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