Hong Kong Court continues to recognise and assist Mainland insolvency proceedings

The recent decision in Re The Liquidator of Shenzhen Everich Supply Chain Co, Ltd (in liquidation in the People’s Republic of China) [2020] HKCFI 965 reaffirms the willingness of the Hong Kong Companies Court (the “Companies Court”) to recognise the winding-up of a company in Mainland China and thereby grant recognition and assistance to liquidators … Read more

Hong Kong Court calls for “immediate” improvements to insolvency legislation

In The Joint and Several Provisional Liquidators of China Oil Gangran Energy Group Holdings Limited [2020] HKCFI 825, the Hong Kong Court continued a trend of recognising foreign soft-touch provisional liquidators. In this case, the Joint and Several Provisional Liquidators (the “JPLs”) were appointed over China Oil Gangran Energy Group Holdings Limited (“China Oil”), (a … Read more

You big old softie you: Hong Kong Court grants power to foreign soft-touch provisional liquidators to facilitate restructuring

In Joint Provisional Liquidators of Moody Technology Holdings Ltd [2020] HKCFI 416, the Hong Kong Court of First Instance (the “Hong Kong Court”) granted a recognition order to foreign provisional liquidators who were appointed on a soft-touch basis, to explore and facilitate the restructuring of a company. The order was made despite soft-touch provisional liquidation … Read more

Stop, collaborate and listen: first recognition and assistance granted to Mainland liquidators in Hong Kong

In a long-awaited development of cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has granted recognition and assistance to Mainland liquidators for the first time in Joint and Several Liquidators of CEFC Shanghai International Group Ltd [2020] HKCFI 167. Background CEFC Shanghai International Group Ltd (“CEFC“), a company incorporated in … Read more