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07 Jun 2022

Cross border insolvency – reconsidering the Second Core Requirement and foreign recognition?

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Up Energy Development Group Limited [2022] HKCFI 1329 (date of decision: 6 May 2022)

The three core requirements are factors considered by the Hong Kong Court when deciding whether to exercise its discretion to wind up a foreign incorporated company in Hong Kong.

In the case of Up Energy, the approach adopted by Linda Chan J in considering the second core requirement seems to be different from the approach of the Court since the case of Re China Huiyuan Juice Group Limited [2020] HKCFI 2940.  Her Ladyship also made comments on the legal basis of cross border recognition and assistance granting power to foreign liquidators.
 

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