Cross-border insolvency regime past and future – International Law Office

Introduction

The United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-border Insolvency is not formally recognised in Hong Kong, unlike in Singapore which adopted it last year.(1) There are no statutory provisions empowering the Hong Kong courts to provide assistance and recognition to foreign insolvency office holders. The courts therefore rely on their inherent power (where appropriate) under the common law principle of modified universalism to provide such assistance.(2) Although the application of this principle is not without its problems, the courts in recent years have shown some willingness to assist the effective implem…

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