Last week, the Hong Kong Court struck out a fraudulent trading claim brought by the liquidators (the "Liquidators") of China Metal Recycling (Holdings) Limited ("China Metal") against one of its sponsors (the "Sponsor") on the ground that it was brought as a High Court Writ action (the "Action"), in breach of the mandatory statutory requirement that it should be brought by a Summons in the relevant winding-up proceedings. The fraudulent trading claim was claimed for several billions of Hong Kong dollars, representing up to the full amount of debts and liabilities of China Metal on its winding up. Herbert Smith...