In Hong Kong, the statutory framework for regulating the affairs of insolvent companies is found in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (the “C(WUMP)O”) and the Companies (Winding Up) Rules (Cap. 32H). The C(WUMP)O also cross-refers to and incorporates certain provisions of the Bankruptcy Ordinance (Cap. 6).
This chapter provides a broad overview of the restructuring and insolvency regime in Hong Kong, including: (i) the options available for companies in financial distress, (ii) the key considerations for stakeholders in an insolvency scenario, (iii) the existing approach to cross-border insolvencies under Hong Kong law, and (iv) the status of proposed legislative reforms.
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