The past twelve months have been a time of continuing significant developments in courtled corporate rescues in Hong Kong, all within the flexible confines of the common law and in the continued absence of a statutory corporate rescue regime.
The year saw mixed messages for holders of offshore bonds issued by Chinese issuers hoping to enforce on the mainland, good news for lenders benefitting from “hybrid” jurisdiction clauses and a degree of uncertainty being seen in the Hong Kong Court of First Instance as to whether an agreement to arbitrate should always take precedence over a winding up petition, particularly where cross-claims are involved.
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