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  • Insolvency law update - Gibbs Rule and the first Hong Kong scheme involving a PRC law governed debt香港特区首个涉及中国法管辖的债务偿还计划与吉布斯规则 (Gibbs Rule)

16 Mar 2020

Insolvency law update - Gibbs Rule and the first Hong Kong scheme involving a PRC law governed debt香港特区首个涉及中国法管辖的债务偿还计划与吉布斯规则 (Gibbs Rule)

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China Lumena New Materials Corp (In Provisional Liquidation) [2020] HKCFI 338 (decision made on 23 January 2020 and reasons given on 4 March 2020)
中国旭光高新材料集团有限公司(临时清算中)[2020]HKCFI 338(2020年1月23日作出裁决,2020年3月4日给出裁决理由)

This is the first reported scheme of arrangement in Hong Kong seeking to compromise debt governed by PRC law. Under the Gibbs Rule, a foreign composition does not discharge a debt unless it is discharged under the law governing the debt. In this case, the Hong Kong Court considered an exception to the Gibbs Rule and more generally the principles of sanctioning a scheme.
这是香港特区首次报道的旨在解决受中国法管辖的债务偿还计划。根据“吉布斯规则 (Gibbs Rule)”,外国债务人的债务除非根据有关法律得到解除,否则不会解除该债务。在这种情况下,香港高等法院原讼法庭(“该法院”)考虑了“吉布斯规则” 的例外情况和认许该计划的原则。
 

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