The pilot measure for mutual recognition and assistance of insolvency proceedings between the courts of three pilot areas in Mainland China and Hong Kong was agreed in mid-2021, which is known as the Cooperation Mechanism.
Since then, liquidators in Hong Kong have had a more certain and structured route to seek, through Hong Kong Court, recognition and assistance from the designated Mainland courts in the three pilot areas including Shanghai, Shenzhen and Xiamen.
Key Takeaways
- The Cooperation Mechanism is now well established in Hong Kong.
- The Hong Kong Court has been consistently willing to give effect to the Cooperation Mechanism, issuing letters of request to Mainland courts in the three pilot areas.
- Complying with the procedural req…
Read the full article at: https://www.mayerbrown.com/en/perspectives-events/publications/2023/12/full-steam-ahead-for-mainland-hong-kong-cooperation-mechanism-to-recognise-and-assist-insolvency-proceedings-in-pilot-areas-and-beyond