Transnational Insolvency: Cross-Border Co-Operation Between the United States and Hong Kong

Hong Kong Law Journal, Vol. 23, No. 1, p. 131, 1993

10 Pages Posted: 4 Feb 2010 Last revised: 12 Feb 2010

See all articles by Charles D. Booth

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

Date Written: 1993

Abstract

In the case of In re Axona International Credit & Commerce Limited, the Hong Kong liquidators of Axona (a Hong Kong company with assets in the United States) were finally able to pay the first interim dividend to Axona’s creditors in July 1992. This payment was made more than nine years after Axona was ordered to be wound up by the Hong Kong High Court and after lengthy adversarial proceedings in both Hong Kong and the United States. While no doubt frustrating for creditors, this liquidation has given rise to an important U.S. decision on the recognition of foreign bankruptcies in general, and of Hong Kong liquidations in particular.

Suggested Citation

Booth, Charles D., Transnational Insolvency: Cross-Border Co-Operation Between the United States and Hong Kong (1993). Hong Kong Law Journal, Vol. 23, No. 1, p. 131, 1993, Available at SSRN: https://ssrn.com/abstract=1547466

Charles D. Booth (Contact Author)

Institute of Asian-Pacific Business Law, William S. Richardson School of Law, University of Hawaii at Manoa ( email )

University of Hawai'i at Manoa
2515 Dole Street
Honolulu, HI 96822-2328
United States

University of Hawaii at Manoa - William S. Richardson School of Law ( email )

2515 Dole Street
Honolulu, HI 96822-2350
United States

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