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
Date Written: 1993
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.
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