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06 Oct 2021

Cross border insolvency – First recognition of PRC reorganisation proceedings by the Hong Kong Court

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The PRC reorganisation proceedings of the Hainan-based conglomerate, HNA Group Co., Limited (the "Company"), has recently been recognised in Hong Kong. This is the first case in which the Hong Kong Court granted a recognition order to administrators of a PRC reorganisation proceedings.

In previous recognition cases concerning PRC companies such as CEFC Shanghai International Group Limited (see our previous article) and Shenzhen Everich Supply Chain Co, Ltd (see our previous article), the companies in question were in liquidation proceedings (and not reorganisation proceedings) in Mainland China. Further, the recognition was granted even though the recent cooperation mechanism on recognition and assistance in cross-border insolvency between Hong Kong and three pilot cities in Mainland China (i.e. Shenzhen, Shanghai and Xiamen) does not currently extend to Hainan.

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