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Cross-border insolvency - Hong Kong Court confirms common law recognition and assistance does not extend to solvent liquidations

Seahawk China Dynamic Fund [2022] HKCFI 1994 (date of reasons for decision: 4 July 2022)

Introduction

Asia-Pacific, China, Hong Kong, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP
A crucial step - mutual recognition and assistance to insolvency/ bankruptcy proceedings between Hong Kong and the mainland

On 14 May 2021, the Government of HKSAR and the Supreme People's Court signed the "Record of Meeting of the Supreme People's Court and the Government of the Hong Kong Special Administrative Region on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region" which effects a cooperation mechanism for Hong Kong liquidators and Mainland administrators to seek mutual recognition and assistance.

Asia-Pacific, China, Hong Kong, Banking, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, Supply chain
New fears for the position of pension schemes on a corporate insolvency

The Corporate Insolvency and Governance Bill (the "Bill") was published on 20 May 2020. The Bill introduces a new type of ‘moratorium’ whereby eligible companies can take 40 days to restructure without the threat of enforcement action from creditors.

European Union, United Kingdom, Employee Benefits & Pensions, Employment & Labor, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP, House of Lords