13 August 2021
Samson Paper Company Limited (In Creditors’ Voluntary Liquidation) [2021] HKCFI 2151(date of decision: 20 July 2021)
China All Access (Holdings) Limited [2021] HKCFI 1842 (date of decision: 21 June 2021)
In May 2021, a landmark cooperation mechanism was implemented between Hong Kong and Mainland China on recognition and assistance in cross border insolvency. The cooperation mechanism has been applied in two recent reported cases. In particular, Samson Paper Company Limited (In Creditors’ Voluntary Liquidation) is the first case in which liquidators appointed by the Hong Kong Court have sought recognition in Mainland China under the cooperation mechanism.
The New Cooperation Mechanism
ii. receivables in the aggregate sum of approximately HK$422 million due from affiliated companies incorporated in the Mainland; and
iii. an apartment in Beijing