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17 Jun 2022

Rare Earth - careful planning is needed to ensure schemes of arrangement have their intended effect

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In the matter of Rare Earth Magnesium Technology Group (provisional liquidators appointed) (for restructuring purposes only) [2022] HKCFI 1686 (date of judgment: 6 June 2022) 

The Hong Kong Court has recently sanctioned a scheme of arrangement for Rare Earth Magnesium Technology Group (provisional liquidators appointed) (for restructuring purposes only) (Rare Earth). The case helpfully sets out the established principles for considering whether to sanction a scheme. Whilst not relevant to the facts of Rare Earth, the Court also used the opportunity to clarify whether foreign schemes will have the desired effect in Hong Kong.

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