In brief

On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring. Under the Framework:

  • A Mainland bankruptcy administrator may apply to the Hong Kong High Court for recognition of and assistance to Mainland bankruptcy proceedings.
  • A Hong Kong liquidator or provisional liquidator may apply to the Intermediate People’s Court at a designated pilot area for recognition of and assistance to Hong Kong insolvency proceedings and debt restructuring (scheme of arrangement).

The pilot areas currently include the Shanghai, Xiamen and Shenzhen municipalities.

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Partner, Hong Kong
Email: Kwun-Yee Cheung


Hong Kong
Email: Edmund Ma