What should come after the implementation of the mutual recognition and assistance in cross-border insolvency between mainland China and Hong Kong? [Blog post]

Law, Sau Wai; Mak, Charles Ho Wang

Abstract

The Hong Kong Special Administrative Region of the People's Republic of China (Hong Kong) has recently developed a new mutual recognition framework that permits Hong Kong and the People's Republic of China (Mainland China) courts to collaborate on cross-border corporate insolvency (the arrangement) - whilst Hong Kong is part of Mainland China, under the one country two system they are two legal jurisdictions. On 14 May 2021, in Shenzhen, the Secretary for Justice of Hong Kong and the Vice-President of the Supreme People's Court of the People's Republic of China (SPC) signed a Record of Meeting of the Supreme People's Court and the Government of the Hong Kong on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong (Record of Meeting). The SPC Opinion on Taking Forward a Pilot Measure in Relation to the Recognition and Assistance to Insolvency Proceedings in the Hong Kong was promulgated on the same day. This new mutual recognition framework signifies a consensus on the mutual recognition of and assistance to insolvency proceedings between Hong Kong and Mainland China.

Citation

LAW, S.W. and MAK, C.H.W. 2022. What should come after the implementation of the mutual recognition and assistance in cross-border insolvency between mainland China and Hong Kong? [Blog post]. Posted on the Singapore Global Restructuring Initiative Blog [online], 16 August 2022. Available from: https://ccla.smu.edu.sg/sgri/blog/2022/08/16/what-should-come-after-implementation-mutual-recognition-and-assistance-cross

• Digital Artefact Type: Blog Post
• Deposit Date: Jul 20, 2023
• Publicly Available Date: Jul 21, 2023
• Keywords: Jurisdictional collaboration; China; Hong Kong
• Public URL: https://rgu-repository.worktribe.com/output/2015484
• External URL: https://ccla.smu.edu.sg/sgri/blog/2022/08/16/what-should-come-after-implementation-mutual-recognition-and-assistance-cross