在最新的 Re USUM Investment Group Ltd[2026] HKCFI 1320 一案中，香港公司法庭就普通法下对内地重整程序的承认（recognition）与协助（assistance），处理了若干“新颖而重要的问题（Novel and Important Questions）”，包括：香港法庭是否有权承认经境外法院（本案为内地法院）批准的企业破产重整；如有，具体的协助范围包括哪些？

本案中，香港公司法庭最终批准了由重庆市第五中级人民法院委任的管理人（Administrators）在香港提出的申请。该判决为日后内地与香港跨境重整的处理方式提供了更清晰的、权威性的分析路径，并进一步强化香港作为普通法跨境破产／重整枢纽司法管辖区的定位。

事实背景

In Re USUM Investment Group Ltd[2026] HKCFI 1320, the Hong Kong Companies Court delivered a landmark judgment concerned with “novel and important questions as to whether the court has power to recognize a restructuring approved by a foreign court and, if so, the extent of such assistance”.

In a recent decision, Deputy High Court Judge Gary CC Lam dismissed an application to strike out an unfair preference claim brought by the liquidators of RZ3262019 Limited. The judgment provides a significant analysis of issue estoppel, particularly on the novel question of how an issue is characterised when a foreign court has applied a different, higher standard of proof.

Background

In an opinion issued on Sept. 20 by the United States Bankruptcy Court for the District of New Mexico, Judge David T. Thuma held that the Rooker-Feldman doctrine does not prevent a bankruptcy court from determining whether the automatic stay applies to pending state court litigation. See In re Shook, Case No. 24-10724-t7 (Bankr. N.M. Sept. 20, 2024) [ECF No. 54].

In Matter of Imperial Petroleum Recovery Corp., 84 F.4th 264 (5th Cir. 2023), the Fifth Circuit was asked to address whether 28 U.S.C. § 1961(a) – the federal statute providing for post-judgment interest – applies in adversary proceedings even though 28 U.S.C. § 1961(a) doesn’t explicitly refer to bankruptcy courts.

In earlier posts, the Red Zone has discussed the Supreme Court’s ruling in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), which held that increased U.S.

In Matter of Texxon Petrochemicals, L.L.C., 67 F.4th 259 (5th Cir. 2023), the Fifth Circuit held that even if an appeal is equitably moot, the appellate court nonetheless has appellate jurisdiction to consider the merits of the appeal, without reaching the issue of equitable mootness.

Section 503(b)(9) Overview

On 15 May 2023 (with Reasons for Decision delivered on 18 May 2023), the Companies Court made a winding-up order against Dangdai International Investments Ltd (當代國際投資有限公司) (“the Company”) which is in turn wholly owned by Wuhan Dangdai Science & Technology Industries (Group) Company Ltd (武漢當代科技產業集團股份有限公司) (“Wuhan Dangdai”).

On April 17, 2023, the Fifth Circuit Court of Appeals, in Matter of RE Palm Springs II, L.L.C., 2023 WL 2966520 (5th Cir. April 17, 2023), held that a senior lender who uses economic leverage and asserts its legal rights to squeeze out a junior lender remains a good faith purchaser entitled to declare an appeal moot based on a sale under section 363(m) of the Bankruptcy Code. Key to the Fifth Circuit’s opinion was the fact that the actions in question were disclosed to the bankruptcy court in advance of it making the section 363(m) finding.

Facts