Corporate Rescue: Hong Kong Developments
Charles D. Booth
Institute of Asian-Pacific Business Law, William S. Richardson School of Law, University of Hawaii at Manoa; University of Hawaii at Manoa - William S. Richardson School of Law
University of Hong Kong - Faculty of Law
American Bankruptcy Institute Law Review, Vol. 10, No. 1, 2002
In the mid-1990s, the Law Reform Commission in Hong Kong began considering reforms to Hong Kong corporate rescue procedures and recommended the enactment of a regime to be called “provisional supervision” - with marked similarities to the corporate voluntary administration in Australia. With the onset of the Asian financial crisis, and seemingly ever-rising levels of insolvency in Hong Kong, corporate rescue has remained a high-profile topic. Until now, re-structurings in Hong Kong have been conducted wholly outside of a modern statutory rescue framework. But, finally, it seems Hong Kong is close to putting its own corporate rescue regime on the statute books, following the gazetting in May 2001 of the Companies Bill 2001. Yet, even now in early 2002, some doubts remain as to the future of the bill.
Accepted Paper Series
Date posted: January 7, 2010 ; Last revised: February 12, 2010
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