Legal Era Article by Akin Gump Lawyers Examines Recognition of Hong Kong Insolvency Proceedings in Mainland China
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Legal Era has published the article “Recognition of Hong Kong Insolvency Proceedings in Mainland China – A Test Case in The Making?”
The article, written by Akin Gump partners Naomi Moore and Dan Cohen, and counsel Jeremy Haywood, Jessica Lambach and Jingli Jiang, examines the restructuring of Ando Credit Limited in the Hong Kong Companies Court that paves the way, the authors write, “for a long-awaited test case, which has emerged at a time when a proposed framework for cooperation between courts in Hong Kong and Mainland China in cross-border corporate insolvency matters is in development.”
The authors note that Hong Kong “has no statutory framework at all for dealing with cross-border insolvency matters,” while in Mainland China, there is a statutory mechanism “for the recognition of foreign insolvency proceedings.” Whether the framework will be in place “by the time any Mainland China recognition application in Re Ando is heard” is unclear, the authors conclude, but it is encouraging, they add, “that cross-border cooperation in insolvency matters remains firmly on the agenda for both jurisdictions.”
To read the article in full, please click here.
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