On 14 May 2021, the Secretary for Justice, Ms Teresa Cheng, SC, and Vice-president of the Supreme People’s Court (SPC), Mr Yang Wanming, signed a record of meeting concerning mutual recognition of and assistance in relation to insolvency proceedings between the courts of the Mainland and the Hong Kong Special Administrative Region (HKSAR). Liquidators from Hong Kong will be able to apply to the Mainland courts for recognition of insolvency proceedings in Hong Kong and bankruptcy administrators from the Mainland will be able to apply to the High Court in Hong Kong for recognition of bankruptcy proceedings in the Mainland.
Some of the key developments to note from the meeting include the following:
Please refer to the Government’s press release for more details.
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