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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
Distressed companies open the liability toolbox to avoid full-blown bankruptcies

HEADLINES

USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, White & Case, Bankruptcy, Private equity, Coronavirus
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
Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third party creditors on enforcement

In our recent note “Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement”, which can be viewed here, we addressed the increase in flexibility in European financings to incur senior unsecured debt and the risk that the lack of any agreed intercreditor arrangement may impair senior secured lenders’ ability to realise recoveries from a European Credit

United Kingdom, Aviation, Banking, Insolvency & Restructuring, Litigation, White & Case, Unsecured debt, Court of Appeal of England & Wales