Mutual recognition of and assistance to corporate insolvency proceedings
Framework for co-operation between the Courts of the Mainland and Hong Kong SAR
On 14 May 2021, the Supreme’s People’s Court (“SPC”) and the Government of the Hong Kong Special Administrative Region (“HKSAR”) signed the Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and the HKSAR, which has been long awaited by insolvency practitioners in both jurisdictions.
Details of the arrangement are set out in the SPC’s Opinion on Taking Forward a Pilot Measure in relation to the Recognition of and Assistance to Insolvency Proceedings in the HKSAR (the “PRC Arrangement”).
