Hong Kong’s approach to cross-border and insolvency recognition
Our APAC Restructuring & Recovery lawyers take a detailed look at the recent and significant decision by the Hong Kong court in Re Lamtex Holdings Limited.
This case concerns a Bermudan-incorporated debtor company listed on the Hong Kong Stock Exchange with its centre of main interests (‘COMI’) in Hong Kong and with operations in Mainland China and Hong Kong. The Hong Kong court decided to wind up the company in view of the limited evidence that any proposed restructuring would be successful.
In a detailed discussion moderated by Karen Chan; Ian Chapman and Viola Jing from our Asia Pacific Restructuring & Recovery Group, along with Look Chan Ho of Des Voeux Chambers unpack the Hong Kong Court’s decision and discuss its implications for Hong Kong based restructurings on the recognition of offshore provisional liquidators and the availability of judicial assistance to stay enforcement action in Hong Kong. The panel consider the shift by the Hong Kong court towards an ‘UNCITRAL Model Law’ approach, displacing primacy of place of incorporation of the debtor company in favour of its COMI, and discuss the following issues:
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