Regional news: Hong Kong

Common law recognition not available for solvent liquidations, Hong Kong court confirms

Mr Justice Harris has granted a trio of Cayman court-appointed provisional liquidators the power to act as agents of a solvent, offshore-incorporated mutual fund in Hong Kong, while clarifying that his recent comments on common law recognition being assessed on COMI grounds are not relevant to solvent liquidations.

04 July 2022

Modern Land challenges Hong Kong scheme ruling in New York Ch15

The foreign representative of bankrupt Chinese property developer Modern Land has raised issue with a recent Hong Kong ruling that stated Chapter 15 proceedings do not constitute a discharge of US law-governed debt.

30 June 2022

The Cayman Islands’ new restructuring officer regime

In the second article of a three-part series, Harneys partners Chai Ridgers in Hong Kong and Jessica Williams in the Cayman Islands consider the practicalities of the Cayman Islands’ proposed new restructuring officer regime, comparing it to the “light touch” provisional liquidation process that is currently in place – and explain why Asian practitioners in particular should pay attention.

29 June 2022

Evergrande vows to fight Hong Kong winding up petition

Chinese property group Evergrande said it will “vigorously” oppose a winding up petition filed against it by a creditor in Hong Kong, and repeated plans to set out restructuring proposals by the end of next month.

28 June 2022

Hong Kong court declares adoption of COMI criteria for assessing recognition requests

Hong Kong’s Mr Justice Harris has made a case for the adoption of centre of main interest (COMI) criteria over place of incorporation when considering the recognition of foreign officeholders, in a 45-page decision that practitioners say aligns Hong Kong’s common law recognition regime with international standards.

23 June 2022

China's Shandong Chenming faces Hong Kong winding up as appeal fails

A mainland Chinese conglomerate has failed on a final appeal to block a Hong Kong court from hearing a winding up petition against it over an unpaid arbitral award, in a decision that local lawyers say has strengthened the position of creditors by taking a "broader and more commercially holistic" approach to the "benefit" threshold requirement for winding up a foreign company.

22 June 2022

Dechert advising as another Chinese group seeks Ch15 recognition

The Cayman-registered holding company of a Chinese coal mining group has sought recognition of its Hong Kong restructuring scheme in New York.

14 June 2022

Fantasia vows to fight new Cayman winding up petition

Chinese property developer Fantasia Holdings said it will “vigorously” oppose a winding up petition submitted last month in the Cayman Islands over its inability to pay US$149 million outstanding on its loan facilities.

10 June 2022

MIE’s “unique” cross-border debt restructuring

Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.

09 June 2022

Hong Kong court warns against using offshore schemes to deal with US debt

Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.

07 June 2022

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