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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 (the “Company”) was put into provisional liquidation in Bermuda where it was incorporated. The Joint and Several Provisional Liquidators (the “JPLs”) 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?
Cross-border restructuring – are parallel schemes still worth pursuing?
Re: Da Yu Financial Holdings Limited (formerly known as China Agrotech Holdings Ltd) (in liquidation) [2019] HKCFI 2531 (“Da Yu Case”) is a case concerning parallel schemes of arrangement sanctioned in both Hong Kong and the Cayman Islands. Whilst the Hong Kong Court dealt with the petition seeking Hong Kong Court’s sanction of the scheme of arrangement, the Judge expressed reservation to the practice of parallel schemes and called for closer cross-border coordination in cases of cross-border restructuring.
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
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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