Ashurst is delighted to have acted for the Administrators of HNA Group Co Limited, who were appointed by the courts of Mainland China to effect a restructuring of HNA’s businesses, in achieving recognition by the High Court of Hong Kong and to exercise their powers in Hong Kong pursuant to a letter of request issued by the Mainland Chinese Courts.
This judgment represents a significant development for cross-border insolvency proceedings in Hong Kong as it is the first time that the Hong Kong courts have recognised administrators appointed in Mainland China for restructuring purposes. While Mainland Chinese insolvency proceedings have previously been granted recognition in Hong Kong, those cases have been limited to circumstances where the companies in question were being liquidated.
The Ashurst team is led by partner James Comber, assisted by Benjamin Ng and Jenny Liu.
