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Cross-border Insolvency

We advise insolvency practitioners and appointment takers on cross-border issues in corporate and personal insolvencies.

Our work in Cross-border Insolvency include:

  • obtaining recognition;
  • assisting in investigations and actions to recover overseas assets, void dispositions;
  • petitioning for winding up by creditors, shareholders or the company as part of global restructuring;
  • applying for appointment of provisional liquidators including for restructuring;
  • advising companies and creditors in restructuring of onshore and offshore entities; and
  • implementing parallel schemes of arrangement and other corporate rescue plans.

If you would like to know more about our insolvency & restructuring practice or how we can help your business, please contact us at (852) 2810 1212 or at insolvency@onc.hk.

 

Please refer to our articles in ‘Knowledge’

 


Recommended Posts

The recognition of an offshore provisional liquidation does not automatically stay proceedings in Hong Kong
In the recent case of Re FDG Electric Vehicles Limited [2020] HKCFI 2931, the Court held that when the Hong Kong court recognises offshore provisional liquidation, there would not be an automatic stay of proceedings in Hong Kong. FDG Electric Vehicles Limited was put into provisional liquidation in Bermuda where it was incorporated. The Joint and Several Provisional Liquidators applied to the Hong Kong Court for an order of recognition and assistance. The two issues before the Court were as follows: (1) Should the order give the JPLs the power to take control of all directly and indirectly owned subsidiaries of the Company? (2) What, if any, stay should be ordered in respect of existing or prospective proceedings against the Company in Hong Kong?
Seeking an injunction to restrain the winding-up of a foreign company in Hong Kong? The burden is high
In the recent case of Silver Starlight Limited v China CITIC Bank Corporation Limited, Tianjin Branch & Others [2021] HKCA 1248, which concerns a company incorporated in the British Virgin Islands, the Court of Appeal made it clear that in an application for injunction to prevent the presentation of a winding-up petition against a foreign company, the applicant bears the burden to show that it is not reasonably arguable that the core requirements would be satisfied at the time of the hearing of the petition.
Re China All Access Limited: First decision on Pilot Program for Mutual Recognition and Assistance to Insolvency Proceedings between the Courts of the Mainland and Hong Kong
The Supreme People’s Court and the Government of the Hong Kong Special Administrative Region have on 14 May 2021 signed the “Record of Meeting between the Supreme People’s Court and the Government of the Hong Kong Special Administrative Region on the Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region”. Under the pilot program, liquidators from Hong Kong may apply to the relevant Intermediate People’ s Court at a pilot area in the Mainland for recognition of insolvency proceedings in Hong Kong. Likewise, insolvency administrators from the Mainland may apply to the High Court in Hong Kong for recognition of bankruptcy proceedings in the Mainland. In the recent case of Re China All Access (Holdings) Ltd [2021] HKCFI 1842, the Court for the first time considered this recent development and the Pilot Programme.
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