One of the key challenges for creditors in taking control of a mainland Chinese company in an enforcement type situation is how to remove the “legal representative”. New legislation coming into force on 1 July 2024 should...more
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...more
A wide-ranging mechanism allowing for easier reciprocal enforcement of judgments in mainland China and Hong Kong will come into force on 29 January 2024. The new enforcement regime should reduce the need to re-litigate...more
The Hong Kong court has granted an order forcing an uncooperative former director of a Hong Kong listed company to ratify the appointment of a Hong Kong liquidator as the sole director of the companies' four BVI subsidiaries....more
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...more
The Hong Kong Court of Appeal has dismissed a challenge to a first instance decision which recognized the Beijing administrators of the commercial arm of the Peking University group but granted only a limited stay of...more
In a significant decision, the Shenzhen Intermediate People's Court (Shenzhen court) has ordered formal recognition in the mainland for Hong Kong appointed liquidators. This is the first occasion on which a mainland court has...more
Hong Kong and the Mainland have agreed a new co-operation mechanism for cross-border insolvency. Under the agreement, liquidators from Hong Kong may apply to Mainland courts for recognition of insolvency proceedings in Hong...more
5/14/2021
/ China ,
Commercial Bankruptcy ,
Cooperation Agreement ,
Creditors ,
Cross-Border ,
Debtors ,
Foreign Corporations ,
Foreign Jurisdictions ,
Hong Kong ,
Insolvency ,
Supreme Peoples Court
In a significant development, the Shanghai Financial Court has announced its ruling in the first case in China involving an application for recognition and enforcement of a Hong Kong court judgment relating to the...more
On the evening of 30 June 2020, the Hong Kong Government gazetted the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (NSL) with the new law taking...more
China has placed stringent travel and quarantine restrictions on people entering the country and moving from one part of the country to another as part of the effort to contain the COVID-19 outbreak. Corporations with...more
The outbreak of novel coronavirus 2019-nCoV ("Coronavirus") is an extraordinary challenge for many transactions involving Chinese companies. In this section, we analyse its impact on certain key aspects of mergers and...more
2/18/2020
/ Best Practices ,
China ,
Coronavirus/COVID-19 ,
Corporate Sales Transactions ,
Covered Transactions ,
Financial Markets ,
Force Majeure Clause ,
Infectious Diseases ,
Investment ,
Investor Protection ,
Investors ,
Joint Venture ,
Market Conditions ,
Material Adverse Effects ,
Public Health ,
Risk Management ,
Share Purchase Agreements
With the novel coronavirus (2019-nCoV, the "Coronavirus") spreads globally at alarming speed some countries have responded to the crisis by taking measures such as restricting or denying importation from China and requiring...more
2/18/2020
/ Air Cargo ,
Best Practices ,
China ,
Contract Terms ,
Coronavirus/COVID-19 ,
Exports ,
Force Majeure Clause ,
Imports ,
Infectious Diseases ,
Ports ,
Public Health ,
Risk Management ,
Safety Standards ,
Shipping ,
Shipping Cargo ,
Trade Policy ,
Vessels ,
World Health Organization
Just in time for Chinese New Year, a Hong Kong court has taken a major step forward in the developing law on cross-border insolvency by recognising a mainland Chinese liquidation for the first time. ...more
1/17/2020
/ China ,
Commercial Bankruptcy ,
Creditors ,
Cross-Border ,
Debtors ,
Foreign Corporations ,
Foreign Jurisdictions ,
Hong Kong ,
Insolvency ,
Liquidation ,
Supreme Peoples Court