In May 2021, a landmark co-operation mechanism was implemented between Hong Kong and Mainland China in cross-border insolvency matters.
Liquidators from Hong Kong can now apply to the courts in three Mainland "pilot cities" (ie Shanghai, Shenzhen and Xiamen) for recognition and assistance, provided that:
Grand Peace Group Holdings Limited [2021] HKCFI 2361 (Date of Decision: 24 August 2021)
Up Energy Development Group Limited [2021] HKCFI 2595 (Date of Decision: 31 August 2021)
Introduction
The vast majority of listed companies in Hong Kong are incorporated offshore, with a corporate structure that the operating and asset owning subsidiaries in Mainland China are held through intermediate subsidiaries incorporated in offshore jurisdictions such as BVI and Cayman Islands etc.
The Hong Kong High Court has handed down its first decision under the pilot measure in relation to the cooperation mechanism for mutual recognition of, and assistance to, insolvency processes between Mainland China and Hong Kong, in Re Samson Paper Company Limited [2021] HKCFI 2151.
Cooperation mechanism
Before 14 May 2021, there was no procedure between Mainland China and Hong Kong for mutual recognition of insolvency processes. This situation changed on 14 May 2021.
On 14 May 2021, a cooperation mechanism was established between the Mainland and Hong Kong in the form of the Record of Meeting of the Supreme People's Court and the Government of the Hong Kong Special Administrative Region and Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Court of the Mainland and the Hong Kong Special Administrative Region and the Supreme People’s Court’s Opinion on taking forward a pilot measure in relation to Recognition and Assistance to Bankruptcy (Insolvency) Proceedings in the Hong Kong Special Administrative Re
In Re Samson Paper Co Ltd [2021] HKCFI 2151, the Hong Kong Court issued for the first time a letter of request to the Shenzhen Bankruptcy Court requesting the latter to recognise and assist Hong Kong liquidators.
2021年5月11日，最高人民法院發佈了《關於開展認可和協助香港特別行政區破產程式試點工作的意見》（以下簡稱《試點意見》）。
《試點意見》指定上海市、福建省廈門市、廣東省深圳市人民法院開展認可和協助香港破產程式的試點工作。
《試點意見》規定了認可和協助的程式範圍。根據《試點意見》第二條規定，香港破產程式是指依據香港特別行政區《公司（清盤及雜項條文）條例》《公司條例》進行的集體清償程式，也就是該破產程式針對的是公司而不包括個人，破產程式的性質是“集體清償程式”。
《試點意見》明確了申請主體和受理法院。《試點意見》第五條規定認可和協助香港破產程式的申請主體為香港管理人。依據《試點意見》審理的跨境破產協助案件，由試點地區的中級人民法院管轄。向兩個以上有管轄權的人民法院提出申請的，由最先立案的人民法院管轄。
On April 28, 2021, the Supreme People’s Court publicly released model bankruptcy cases as part of the resolute implementation of the Party Central Committee policy deployments, the role of judicial trials, practical and effective measures to promote fair and efficient bankruptcy trials, facilitating relief to and liquidation of market entities, providing service in high-quality economic development, and in the establishment of a market-oriented, rule-of-law and international business environment.
Ⅰ TOPICS
今後のセミナー等の情報
◆AMT グレーターチャイナセミナー
当事務所では、中国メインランド、香港、台湾について、各専門家が各分野のトピックについて解説を行うシリーズ 講座（オンラインセミナー）を開催しております。今後数回の予定は次の通りです。具体的なテーマ及び日程には 変更が生じる可能性がありますので、正確な情報は直近のメールでのご案内をご覧ください。なお、本セミナーは 本ニュースレターの受信を頂いている皆様方を中心にご案内させていただいております。 第 8 回（中国メインランド）：2021 年 8 月 26 日（木）14：00 外資企業の中国進出にかかる実務的検討～外商投資法施行後の影響を踏まえて～ 講師：アソシエイト弁護士 尾関 麻帆 上海オフィス顧問 銭 一帆
On May 11, 2021, the Supreme People’s Court issued the Opinion on Developing the Pilot for Recognition of and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region (the “Pilot Opinion”). The Pilot Opinion designated the people’s courts in Shanghai, Xiamen of Fujian Province, and Shenzhen of Guangdong Province to carry out the work for the pilot recognition of and assistance in bankruptcy proceedings in Hong Kong.