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Book Chapter: Securities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies
Title | Securities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies |
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Authors | |
Keywords | HK-China Cross-Border Insolvencies Regional Conflict of Laws Judicial Recognition and Enforcement |
Issue Date | 2014 |
Publisher | Carswell |
Citation | Securities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies. In Sarra, JP and Romaine, JB (Eds.), Annual Review of Insolvency Law, p. 599-623. Toronto: Carswell, 2014 How to Cite? |
Abstract | Using the recently adjudicated landmark case in Hong Kong of Securities and Futures Commission v China Metal Recycling (Holdings) Limited as a launching board the author discusses and analyzes the complexities surrounding cross-border (corporate) insolvencies (“CBIs”) between Hong Kong and Mainland China (“HK-China CBI”). Going forward, HK-China CBI will have a direct bearing on decisions made by Hong Kong and Chinese courts; since they are already increasingly requested to adjudicate on the same issues during a corporate insolvency, a new mechanism is called for in order to provide a practical and economically viable resolution to the regional conflict of laws issue arising from Hong Kong and Mainland China having different insolvency laws in spite of Hong Kong being a part of Mainland China, although a special administrative region within it. A new mechanism should focus on the judicial recognition of judgments and court orders concerning insolvencies of companies with establishments in both Hong Kong and Mainland China; and if a new mechanism is properly implemented, it can more effectively and holistically facilitate resolution of the regional conflict of laws issue that typically arise during the insolvency procedure of a Hong Kong-listed company with subsidiary companies located in Mainland China. Without such a mechanism in place, the provisional liquidators (“PLs”) appointed in Hong Kong will need to devise a more convoluted resolution method in order for them to be approved by the Chinese court before they can take control of the Chinese subsidiary companies. Moreover, without a new mechanism, there will be duplication of insolvency procedures and costs and there may be incentives for forum shopping. |
Persistent Identifier | http://hdl.handle.net/10722/201539 |
ISBN | |
SSRN |
DC Field | Value | Language |
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dc.contributor.author | Lee, EH | - |
dc.date.accessioned | 2014-08-21T07:29:39Z | - |
dc.date.available | 2014-08-21T07:29:39Z | - |
dc.date.issued | 2014 | - |
dc.identifier.citation | Securities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies. In Sarra, JP and Romaine, JB (Eds.), Annual Review of Insolvency Law, p. 599-623. Toronto: Carswell, 2014 | - |
dc.identifier.isbn | 9780779861965 | - |
dc.identifier.uri | http://hdl.handle.net/10722/201539 | - |
dc.description.abstract | Using the recently adjudicated landmark case in Hong Kong of Securities and Futures Commission v China Metal Recycling (Holdings) Limited as a launching board the author discusses and analyzes the complexities surrounding cross-border (corporate) insolvencies (“CBIs”) between Hong Kong and Mainland China (“HK-China CBI”). Going forward, HK-China CBI will have a direct bearing on decisions made by Hong Kong and Chinese courts; since they are already increasingly requested to adjudicate on the same issues during a corporate insolvency, a new mechanism is called for in order to provide a practical and economically viable resolution to the regional conflict of laws issue arising from Hong Kong and Mainland China having different insolvency laws in spite of Hong Kong being a part of Mainland China, although a special administrative region within it. A new mechanism should focus on the judicial recognition of judgments and court orders concerning insolvencies of companies with establishments in both Hong Kong and Mainland China; and if a new mechanism is properly implemented, it can more effectively and holistically facilitate resolution of the regional conflict of laws issue that typically arise during the insolvency procedure of a Hong Kong-listed company with subsidiary companies located in Mainland China. Without such a mechanism in place, the provisional liquidators (“PLs”) appointed in Hong Kong will need to devise a more convoluted resolution method in order for them to be approved by the Chinese court before they can take control of the Chinese subsidiary companies. Moreover, without a new mechanism, there will be duplication of insolvency procedures and costs and there may be incentives for forum shopping. | - |
dc.language | eng | - |
dc.publisher | Carswell | - |
dc.relation.ispartof | Annual Review of Insolvency Law | - |
dc.subject | HK-China Cross-Border Insolvencies | - |
dc.subject | Regional Conflict of Laws | - |
dc.subject | Judicial Recognition and Enforcement | - |
dc.title | Securities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies | - |
dc.type | Book_Chapter | - |
dc.identifier.email | Lee, EH: eleelaw@hku.hk | - |
dc.identifier.authority | Lee, EH=rp01257 | - |
dc.description.nature | postprint | - |
dc.identifier.hkuros | 235072 | - |
dc.identifier.hkuros | 235069 | - |
dc.identifier.spage | 599 | - |
dc.identifier.epage | 623 | - |
dc.publisher.place | Toronto | - |
dc.identifier.ssrn | 2562755 | - |
dc.identifier.hkulrp | 2014/048 | - |