27 September 2021
In previous articles dated 24 April 2020 and 8 April 2021 we reported on the Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region (Arrangement), which came into force on 1 October 2019. The Arrangement empowers the courts of both jurisdictions to award interim measures in support of arbitration seated in the other territory.
The HKIAC recently announced that it has received its 50th application under the Arrangement and reports the following interesting statistics:
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47 of the applications were for preservation of assets.
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23 different Mainland Courts have issued preservation orders, covering RMB10.9 billion worth of assets.
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The median time taken by the Mainland Courts to issue a decision is 8 days.
Applicants have included parties from mainland China, the BVI, Cayman Islands, Hong Kong, Japan, Samoa, the Seychelles, Singapore, Switzerland and Taiwan and Respondents have included companies from the BVI, Cayman Islands, France, Hong Kong, mainland China, the Netherlands, St Kitts and Nevis and Singapore.
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