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”.

Despite meeting statutory jurisdictional requirements under Part 26A of the Companies Act 2006, the High Court declined to exercise its discretion in favour of sanctioning Waldorf Production UK Plc’s restructuring plan in August 2025due to concerns about fair allocation of value and lack of meaningful engagement with unsecured creditors.

An insolvency practitioner (IP) can pursue a wide range of claims when appointed as the administrator or liquidator of a company. 

These include claims that already existed at the point that the company entered an insolvency process (Pre-existing Company Claims), and ones that arise on insolvency (IP Claims see below).

An IP pursues Pre-existing Company Claims as agent for and in the name of the company, and these types of claims typically include claims for debt, breach of contract, breach of duty or recovery of property.

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

Restructuring Plans (RPs)

2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.

It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.

The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary.

Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes.

Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.

Typical floating charge assets include stock and inventory, trade debtors, cash and currency, movable plant and machinery (such as vehicles), and raw materials and other consumable items used by the business.

While there is a statutory requirement to register most forms of security granted by limited companies incorporated in the UK at Companies House, it is worth remembering that there is no statutory requirement for the holder of registered security to inform Companies House if, e.g., the debt secured by a registered charge has been satisfied.

Following our previous alert, in which we highlighted an issue with entries relating to registered security maintained at Companies House being incorrectly updated to indicate that they had in fact been discharged without the aware