In recent years, there has been an increasing trend for different creditors to issue multiple petitions against the same debtor company. This may be due to the large number of listed companies in Hong Kong encountering financial difficulties during this period of economic downturn, or simply a lack of knowledge of the law in this area.
In May 2021, we published an article, Milestone in Hong Kong-Mainland China cross border insolvency: Mutual recognition of and assistance to Insolvency Proceedings between Hong Kong and Mainland China, which highlighted the key features of the cooperation mechanism in relation to Hong Kong-Mainland China cross border insolvency set out in the Record of Meeting of the Supreme Peopl
La irrupción del COVID-19 ha tenido efectos en todos los ámbitos, y uno de los más directos ha sido el cierre o las restricciones para el desarrollo de la actividad en determinados sectores que todavía continúan a día de hoy y que, como consecuencia de lo anterior, han sufrido drásticas caídas de ingresos durante meses.
On 14 May 2021, Hong Kong’s Secretary for Justice and the Vice-President of the Supreme People’s Court (SPC) signed a record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of Mainland China and Hong Kong (Record of Meeting), which signifies the consensus on the mutual recognition of and assistance to insolvency proceedings between the two jurisdictions in accordance with the principle of reciprocity and with a view to promoting closer cross-border judicial cooperation on insolvency matters.
On 14 May 2021, the Secretary for Justice, Ms Teresa Cheng, SC, and Vice-president of the Supreme People's Court (SPC), Mr Yang Wanming, signed a record of meeting concerning mutual recognition of and assistance in relation to insolvency proceedings between the courts of the Mainland and the Hong Kong Special Administrative Region (HKSAR).
Selección de las principales resoluciones en materia de reestructuraciones e insolvencias.
Suspensión de la junta general extraordinaria hasta la designación y aceptación del cargo por la administración concursal
Auto del Juzgado de lo Mercantil núm. 3 de Sevilla de 26 de febrero de 2021 (asunto “Abengoa”)
Selection of the main restructuring and insolvency judgments.
Suspension of special shareholders’ meeting until insolvency receiver’s appointment and acceptance of that appointment
Decision by Seville Commercial Court No 3 on February 26, 2021 (“Abengoa” case)
On January 22, 2021 Madrid's commercial court judges approved a set of agreed procedures for handling insolvency proceedings in which liquidation is requested together with the insolvency order, as well as a number of criteria for transfers of productive units in these and other insolvency processes.
El 22 de enero de 2021, los jueces mercantiles de Madrid aprobaron un conjunto de acuerdos para la tramitación de procedimientos de insolvencia en los que se solicita la liquidación junto a la declaración de concurso, así como una serie de criterios para la enajenación de unidades productivas en estos y otros procesos concursales.
The recent Court of First Instance decision in Li Yiqing v Lamtex Holdings Limited [2021] HKCFI 622 (11 March 2021) is a landmark decision in cross-border insolvency law in Hong Kong, in which the Court held that when it is considering the recognition of foreign insolvency proceedings, regard should not simply be had to the place of incorporation of the relevant company, but that in a departure from previous practice, the location of the company’s centre of main interest (COMI) is also a factor.