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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
Who is the noteholder and who is the creditor

Introduction

Towards the end of 2020, while businesses were reeling from the challenges of grappling with a global pandemic, the end of the Brexit transition period and LIBOR transition, the Law Commission published a paper analysing the current law underlying intermediated securities - Intermediated securities: who owns your shares? A Scoping Paper.

European Union, France, United Kingdom, Company & Commercial, Insolvency & Restructuring, Public, Stephenson Harwood LLP, Brexit, Libor