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Historically, the Hong Kong courts have generally recognised foreign insolvency proceedings commenced in the jurisdiction in which the company is incorporated. This may no longer be the case in Hong Kong following the recent decision of Provisional Liquidator of Global Brands Group Holding Ltd v Computershare Hong Kong Trustees Ltd [2022] HKCFI 1789 (Global Brands). … Read more
In a further development to cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has issued a letter of request to a Mainland Court requesting recognition and assistance of Hong Kong liquidators appointed over a Cayman company, under the mutual recognition arrangement introduced on 14 May 2021 (the Arrangement, see our … Read more
In Nuoxi Capital v Peking University Founder Group Company Limited [2021] HKCFI 3817, the Hong Kong Court of First Instance (HK Court) examined the interplay between the determination of creditors’ contractual rights under keepwell deeds by way of proceedings in the HK Court and the impact of reorganisation proceedings in respect of the debtor in … Read more
The Hong Kong Court has broken yet more new ground by recognising Mainland China reorganisation proceedings for the first time in Re HNA Group Co Limited [2021] HKCFI 2897. Previously, Mainland China liquidation proceedings have been recognised by the Hong Kong Court (for the first time in CEFC Shanghai International Group Ltd [2020] HKCFI 965, … Read more
It is well-established that certain core jurisdictional requirements must normally be met before a Hong Kong Court will exercise its discretion to wind up a foreign company (Core Jurisdictional Requirements). These were explained in our previous post: there must be a sufficient connection with Hong Kong, but this does not necessarily have to consist in … Read more
In another leap forward for cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has issued its very first letter of request to a Mainland Court requesting recognition and assistance of Hong Kong liquidators under the new arrangement for mutual recognition of and assistance to insolvency proceedings introduced on 14 May … Read more
We recently wrote about the New Arrangement for mutual recognition of insolvency processes between certain pilot areas in the Mainland (i.e. Shanxi, Xiamen and Shenzhen) and Hong Kong (the New Arrangement). Re China All Access (Holdings) Ltd [2021] HKCFI 1842 is an early case that sheds light on how the New Arrangement may facilitate the … Read more
On 14 May 2021, the Vice-President of the Supreme People’s Court of the PRC and the Hong Kong Secretary for Justice signed a brief Record of Meeting, setting out a consensus on the mutual recognition of and assistance to insolvency proceedings between the Mainland China and Hong Kong. The new arrangement will apply first to … Read more
