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

Filed under:
Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
Authors:
Gareth Thomas , Dominic Geiser , Alexander Aitken , Philip Lis , Priya Aswani
Location:
Hong Kong
Firm:
Herbert Smith Freehills LLP
“Outmoded” parallel schemes of arrangement and a red flag on restructuring costs in Hong Kong

The Court of First Instance has recently helpfully summarised the legal position on schemes of arrangement under both Hong Kong law and English law. Notably, it has called for further development in cross-border coordination in order to avoid the trouble of parallel insolvency proceedings and it has raised a red flag in relation to detailed disclosure of restructuring costs: Da Yu Financial Holdings Limited [2019] HKCFI 2531.

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Hong Kong Stock Exchange
Authors:
Gareth Thomas , Alexander Aitken , Philip Lis , Priya Aswani
Location:
Hong Kong
Firm:
Herbert Smith Freehills LLP
No If, No But - Will an arbitration agreement always trump a winding-up petition?

In But Ka Chon v Interactive Brokers LLC [2019] HKCA 873, the Hong Kong Court of Appeal dismissed an appeal to set aside a statutory demand arising out of online forex futures trading debts.

Filed under:
China, Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, UNCITRAL
Authors:
Gareth Thomas , Simon Chapman , Philip Lis , Jacob Sin
Location:
China, Hong Kong
Firm:
Herbert Smith Freehills LLP