Harris j opined that as hong kong has no statutory cross-border insolvency regime, there were many unresolved questions it was unclear if the singapore moratorium is a collective insolvency proceeding for common law recognition purposes. Hong kong’s insolvency regime, like its commonwealth counterparts, has always been very creditor-friendly in the right circumstances, courts even have the power to exercise their discretion to wind up foreign companies. Richard specialises in litigation and dispute resolution and has extensive experience of a broad range of litigation matters, including contentious insolvency, regulatory and investigatory matters, contentious probate, employment, professional indemnity and disciplinary matters, shareholders’ and partnership disputes and major commercial cross-border litigation.
His lordship also directed the parties to consider how the recent guidelines for communication and cooperation between courts in cross-border insolvency matters formulated by the judicial insolvency network could potentially be applied in this case the guidelines aim to enhance the efficiency in the administration of parallel insolvency. The regime for dealing with insolvency proceedings within the european union (eu) is about to become more coordinated the timing is ironic given that the change will take place in the period leading up to the march 2019 exit of the united kingdom from the eu. Hk cross border insolvency regime essay definition of “cross-border” insolvency cross-border insolvency is a term used to describe circumstances in which an insolvent entity has assets or debts in more than one country or jurisdiction many businesses have interests expanding beyond their home jurisdictions. Hong kong’s other “cross-border” insolvency issue hong kong’s insolvency regime falls between the extremes of territoriality and universalism in a form called modified universalism this idea starts with universalism and then moves towards the other end of the spectrum, depending on the amount of territoriality.
The court’s summary about hong kong cross border insolvency law harris j succinctly summarized the law as follows: there is a strong presumption that a company’s place of incorporation is the appropriate jurisdiction to petition for its winding-up. Insolvency & restructuring companies act (the “companies act”), introducing a number of novel and significant reforms to the insolvency and bankruptcy regime in singapore the bill is the first of its kind in the region framework with a view of creating a more conducive environment for cross-border insolvency in hong kong, whilst. A body of representatives from across the insolvency industry in hong kong has been formed with the aim of seeking further amendments in the area of cross-border insolvency proceedings, to develop the scheme of arrangement regime with automatic stay provisions and to permit the provisional liquidation regime to function as a restructuring tool. The model law on cross-border insolvency promulgated by the united nations commission on international trade law in 1997 3 section 130(2) of the insolvency act 1986. 2009: the recognition of the hong kong provisional liquidation of jinro (hk) international limited in 2003, “the new international insolvency regime,” oct 15, 2001, at 14 in the near future in the increased cross-border insolvency cases n the international scene 10 miyama,.
The canadian cross -border insolvency regime interplay with the federal court in admiralty matters new york state bar association international insolvency – panel 22 paris, france october 19 th, 2016 2 road map 1 legislation - bai and ccaa 2 the 2009 amendments to support cross-border. The recast regulation replaces the eu regulation on insolvency proceedings (regulation 1346/2000) from 26 june 2017 is intended to improve the efficiency and effectiveness of cross-border insolvency, benefit creditors and debtors, facilitate the survival of businesses and present a second chance for entrepreneurs. Back in 2000, the original regulation was a ground-breaking piece of cross-border insolvency legislation it was designed for insolvent debtors whose businesses or affairs spanned more than one eu member state.
Recent hong kong cross-border insolvency cases the purported worldwide effect of the s211b moratorium is inspired by that of the chapter 11 stay, which has historically been effective liquidator in hong kong under the hong kong insolvency regime and common law and equitable principles since hong kong does not. Hong kong’s insolvency law is based on the old uk regime that existed prior to the major reforms in that country in 1986 the 1996 hk law reform commission review and subsequent consultations. There are no statutory provisions for the courts to provide assistance on cross-border insolvencies and hong kong is not party to the uncitral model law on cross-border insolvency the courts have an inherent power to recognise and grant assistance to foreign insolvency proceedings under the common law principle of modified universalism. And cross-border insolvency • corporate rescue & restructuring (14 hours) • cross-border insolvency • knowledge of hong kong insolvency regime, including an understanding of the core principles of corporate and personal office in hong kong and then moved to specialist insolvency firms in hong kong and australia mr ng has been. (a) it reaffirms the hong kong court’s pragmatic approach to cross-border restructuring (b) it provides a checklist of the issues to consider concerning the recognition of singapore insolvency proceedings under the new singapore insolvency regime.
In hong kong andrew has particular experience in jurisdiction disputes and in more liberal regulatory regime (such as employment terms) or tax advantages will be familiar to practitioners involved in cross-border insolvency less familiar will be the archaic ability to arrest a vessel for in rem claims arrest and claims in rem arrest. Earlier this year, hong kong's insolvency regime turned a corner with the coming into effect of much needed amendments to its corporate insolvency statute, the companies (winding up and miscellaneous provisions) ordinance. Noteworthy cases in the areas of corporate disputes and insolvency in hong kong, the uk and other common law countries 11 corporate insolvency cases 5 cross-border insolvency cases 2 restructuring cases 4 corporate disputes cases 2 bankruptcy cases the singapore high court declines jurisdiction under its insolvency regime in favour of. Look-chan ho des voeux chambers look-chan ho is admitted to practise in new york, england and wales, and hong kong he is well-known for his high level of legal expertise and is a renowned expert in cross-border restructuring and insolvency.
This thesis discusses what features and advantages of the model law regime that chinese law could learn to improve the chinese cross-border insolvency system at both international and regional levels cross-border insolvency is one inevitable consequence of the globalisation of business activity for solving transnational insolvencies, there is a clash of competing national laws on issues. Developments in cross-border corporate insolvency and the prc bankruptcy law there is also a specific appendix containing a summary of the bvi and cayman islands insolvency regime. “from the perspective of hong kong policy-makers, this case underscores again the urgent need to enact a statutory cross-border insolvency regime” the background to the case is a little complicated but aspects of it will be familiar to insolvency practitioners in hong kong. On cross-border insolvency in china prof dr jingxia shi i overview: chinese cross-border insolvency the second case deals with the hong kong high court’s recognition of gitic bankruptcy proceeding taking place in the mainland china this case changchun regime focuses on the bank rather than the creditors generally the.
The model law on cross border insolvency myanmar’s existing laws make no provision for cross border insolvency accordingly, the draft law includes adoption of the model law as a means of encouraging foreign investment and to facilitate international insolvencies that have an element in myanmar. Not mincing his words, a hong kong judge has told the territory’s law-makers it urgently needs a statutory cross-border regime, as he advised a precision engineering group to use provisional liquidators locally as he may not be able to recognise a singapore moratorium.