On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”).
European Union, Spain, United Kingdom, Insolvency & Restructuring, Public, Garrigues, Brexit, European Commission
Hong Kong has not adopted into domestic legislation the UNCITRAL Model Law on Cross Border Insolvency.
Unlike jurisdictions which have adopted the Model Law, e.g. the United Kingdom, an application to the Hong Kong Courts for recognition of foreign insolvency proceedings requires a balancing exercise of competing aims: assisting the foreign court conducting the main insolvency proceedings in achieving a universal distribution of assets, and ensuring that creditors seeking the Hong Kong Courts' assistance are treated fairly and equitably in enforcing their rights.