Recognition and assistance in cross-border insolvency: an analysis of the Joint Liquidators of Bull's-Eye Limited (in Liquidation) v Changjiang Securities Brokerage (HK) Ltd and Others [2024] HKCFI 3000. [Case comment].

Mak, Charles Ho Wang

Abstract

This paper examines the recent decision of the Hong Kong Court of First Instance in The Joint Liquidators of Bull's-Eye Limited (in Liquidation) v Changjiang Securities Brokerage (HK) Ltd and Others [2024] HKCFI 3000, which highlights Hong Kong's evolving approach to recognition and assistance in cross-border insolvency. The case involved the recognition of insolvency proceedings initiated in the British Virgin Islands, despite the company's likely centre of main interests (COMI) being in Hong Kong. The Court's application of the managerial assistance exception, coupled with its comprehensive handling of regulatory constraints, demonstrates its pragmatic approach to facilitating international insolvency cooperation while respecting local regulatory frameworks. By balancing these considerations, the judgement reinforces Hong Kong's status as a leading jurisdiction for cross-border insolvency. The paper analyses the factual and legal context of the case, explores its implications for insolvency practice and considers its potential influence on corporate structuring and insolvency planning in an increasingly interconnected global economy.

Citation

MAK, C.H.W. [2025]. Recognition and assistance in cross-border insolvency: an analysis of the Joint Liquidators of Bull's-Eye Limited (in Liquidation) v Changjiang Securities Brokerage (HK) Ltd and Others [2024] HKCFI 3000. [Case comment]. International insolvency review [online], Early View. Available from: https://doi.org/10.1002/iir.1563

• Journal Article Type: Article
• Acceptance Date: Mar 17, 2025
• Online Publication Date: Apr 16, 2025
• Deposit Date: May 6, 2025
• Publicly Available Date: May 6, 2025
• Journal: International insolvency review
• Print ISSN: 1180-0518
• Electronic ISSN: 1099-1107
• Publisher: Wiley
• Peer Reviewed: Peer Reviewed
• Item Discussed: The Joint Liquidators of Bull's-Eye Limited(in Liquidation) v Changjiang Securities Brokerage (HK) Ltd and Others [2024] HKCFI 3000
• DOI: https://doi.org/10.1002/iir.1563
• Keywords: Hong Kong law; Cross-border insolvency; Insolvency practices; Global economy
• Public URL: https://rgu-repository.worktribe.com/output/2755117