(In Provisional Liquidation in
We recently acted for the joint provisional liquidators of
The Company was incorporated in
It is well-settled that the Hong Kong Companies Court will recognise foreign insolvency office-holders subject to certain criteria being met. The application for recognition and assistance supported by a letter of request has become common in
In the present application, there are aspects which are slightly different from that of the standard order (reflecting the relevant paragraphs in the Letter of Request) which are specifically highlighted below:-
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Certain powers of the provisional liquidators can be exercised only with the consent of the Company (paragraphs 2(k), 2(m) and 2(n) of the Hong Kong Recognition Order).
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The power granted to the provisional liquidators to receive advance materials and to be consulted in certain transactions (paragraph 2(q) of the Hong Kong Recognition Order) - this is new and is not in the Standard Order.
Whilst there exists the Standard Order adopted by the Hong Kong Companies Court and although the powers sought by the Provisional Liquidators in
Reform in the area of cross-border insolvency is ongoing in the
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Ms
Gall
3/F,
E-mail: candicemoss@gallhk.com
URL: www.gallhk.com
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