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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

TitleSecurities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies
Authors
KeywordsHK-China Cross-Border Insolvencies
Regional Conflict of Laws
Judicial Recognition and Enforcement
Issue Date2014
PublisherCarswell
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?
AbstractUsing 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 Identifierhttp://hdl.handle.net/10722/201539
ISBN
SSRN

 

DC FieldValueLanguage
dc.contributor.authorLee, EH-
dc.date.accessioned2014-08-21T07:29:39Z-
dc.date.available2014-08-21T07:29:39Z-
dc.date.issued2014-
dc.identifier.citationSecurities & 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.isbn9780779861965-
dc.identifier.urihttp://hdl.handle.net/10722/201539-
dc.description.abstractUsing 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.languageeng-
dc.publisherCarswell-
dc.relation.ispartofAnnual Review of Insolvency Law-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectHK-China Cross-Border Insolvencies-
dc.subjectRegional Conflict of Laws-
dc.subjectJudicial Recognition and Enforcement-
dc.titleSecurities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies-
dc.typeBook_Chapter-
dc.identifier.emailLee, EH: eleelaw@hku.hk-
dc.identifier.authorityLee, EH=rp01257-
dc.description.naturepostprint-
dc.identifier.hkuros235072-
dc.identifier.hkuros235069-
dc.identifier.spage599-
dc.identifier.epage623-
dc.publisher.placeToronto-
dc.identifier.ssrn2562755-
dc.identifier.hkulrp2014/048-

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