2022 has been a year which has seen significant developments in court-led corporate rescue and insolvency law reform in Hong Kong. In light of the lingering COVID19 pandemic, it was all the more important that the Hong Kong courts rise to the challenge of enabling companies to address their financial difficulties within the flexible confines of the common law, all against the backdrop of Hong Kong lacking a statutory corporate rescue regime, as is common in most other developed countries around the world. Cross-border recognition between Hong Kong and mainland China The Hong Kong court took a significant step forward in developing the law in reciprocal recognition of cross-border insolvency between Hong Kong and mainland China when it granted for the first time an order recognising the bankruptcy reorganisation of a mainland business group and provided recognition and assistance to three individuals representing the main land appointed administrator.