A new cooperation arrangement for mutual recognition of and assistance to cross-border corporate insolvency and debt restructuring proceedings has been established between Mainland China and Hong Kong (the Cooperation Arrangement).
The Cooperation Arrangement is provided in a Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region (the ROM) signed by the Mainlands Supreme People’s Court (SPC) and Hong Kongs Department of Justice on 14 May 2021.
The Cooperation Arrangement Background
The Cooperation Arrangement allows liquidators from Hong Kong to apply to Intermediate People’s Courts in pilot areas of the Mainl…
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