In Short
The Situation: Following the signing of a record of a meeting between the Secretary for Justice of Hong Kong and the vice-president of the Supreme People’s Court (“SPC”) in May 2021, which set out a consensus on the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong, an Opinion of the SPC and a Practical Guide of the Hong Kong Government were issued to implement the arrangement (“Pilot Measure”). The liquidators of a company recently applied to the Hong Kong High Court for the issuance of a letter of request, under the Pilot Measure, to the Shenzhen Court to facilitate the liquidators’ performance of their functions in Mainland China.
The Result: The Hong Kong Court agreed tha…
Read the full article at: https://www.jdsupra.com/legalnews/milestone-in-cross-border-insolvency-a-4018237/
