“Momentous” decision issued on HK-PRC comity in keepwell deed dispute

In a judgment described as “undoubtedly the most important cross-border insolvency decision” issued by the Hong Kong courts in a generation, Mr Justice Harris has recognised the Beijing administrators of Peking University’s corporate arm but limited a local stay so the issuers and guarantors of bonds backed by English law-governed keepwell deeds can have their rights determined before him.

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