Key points
In Re CEFC Shanghai International Group Limited (HCMP 2295/2019) (“Decision“), the Hong Kong court has for the first time granted recognition and assistance to bankruptcy administrators appointed for a company in insolvency proceedings in mainland China (“Mainland”).
The Decision will have a significant impact on insolvency cases spanning the Mainland and Hong Kong (and elsewhere). Given the size of the Mainland economy and the international scope of many Mainland enterprises, we can expect to see an increasing number of applications for recognition and assistance by Mainland insolvency officeholders in Hong Kong and other jurisdictions.
In connection with the Decision, however, the Hong Kong court signalled that it…