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30 Jun 2022

Global Brands – common law foreign recognition regime is alive and well, with a new COMI test introduced

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In the matter of an application for recognition and assistance by the provisional liquidator of Global Brands Group Holding Limited (in liquidation) [2022] HKCFI 1789 (date of decision: 23 June 2022)

The Hong Kong Court has recently granted recognition and assistance to the Bermuda provisional liquidator of Global Brands Group Holding Limited (in liquidation) (Global Brands / Company). Stephenson Harwood acted for the provisional liquidator.

The case helpfully confirms that the common law foreign recognition regime is alive and well (which was somewhat in doubt following the decision in Up Energy (see our previous article here)). However, the situations in which recognition will be granted have been limited.

The new approach for assessing whether a foreign insolvency proceeding should be recognised, is to determine whether the foreign insolvency process is in the jurisdiction where the company's Centre of Main Interests (COMI) is located at the time the application for recognition is made.

Click here to read more.

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