Synopsis
For countries that have adopted, and implemented in local legislation, the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (Model Law), there is a streamlined process which enables a liquidator, or other insolvency administrator, of a company in a foreign jurisdiction to apply to the court in the Model Law jurisdiction to:
- have the foreign insolvency proceeding recognised;
- take control of assets of the foreign company located in the Model Law jurisdiction; and
- pursue investigations and institute recovery proceedings, for example in relation to voidable transactions and breach of directors’ duties, in the Model Law jurisdiction according to the local insolvency laws of tha…
Read the full article at: https://www.nortonrosefulbright.com/en-vn/knowledge/publications/80831390/cross-border-insolvency-in-hong-kong