On 13 Mar. 2024, the Shanghai Bankruptcy Court released the “Typical Cases in 2023”.
A total of 10 cases were selected, including the previously reported case of in re Shanghai International Corporation (上海國際株式會社), in which a Japanese bankruptcy decision has been recognized in China for the first time, and in re Hong Kong Fresh Water International Group Ltd (香港港浩澤國際集團有限公司), which involved a Mainland Chinese court’s recognition of and assistance to Hong Kong bankruptcy proceedings.
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On 30 Mar. 2023, the Shanghai Third Intermediate People’s Court rendered a ruling in in re Hong Kong Fresh Water International Group Ltd, recognizing the Hong Kong liquidation proceedings and the status as Hong Kong liquidators in accordance with the pertinent provisions of the PRC Enterprise Bankruptcy Law and the “Opinions of the Supreme People’s Court on Launching the Pilot Program of Recognition of and Assistance to Bankruptcy Proceedings in the Hong Kong Special Administrative Region” (最高人民法院關于開展認可和協助香港特別行政區破產程序試點工作的意見, hereinafter referred to as the “SPC Opinions”). The court also defined the scope of the Hong Kong liquidator’s functions and provided assistance to the liquidator in discharging its duties in the Mainland.
This is the first time that the Shanghai Third Intermediate Court has recognized and assisted a Hong Kong insolvency proceeding since it was designated as a pilot court by the “Record of Meeting of the Supreme People's Court and the Government of the Hong Kong Special Administrative Region on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region”(《關于內地與香港特別行政區法院相互認可和協助破產程序的會談紀要》) and the SPC Opinions. This case marks a positive breakthrough in mutual recognition and assistance in cross-border insolvency proceedings between the Mainland and Hong Kong.
Photo by Kido Dong on Unsplash
Contributors: CJO Staff Contributors Team
