Efforts to introduce a Chapter 11-style corporate restructuring law in Hong Kong have been revived, the South China Morning Post reports (subscription required).
In Hong Kong and in much of the rest of Asia, failing companies typically end up in the hands of liquidators. By comparison, Chapter 11 proceedings under the U.S. Bankruptcy Code famously permit troubled companies to enter a court-supervised period of reorganization, during which they are sheltered from creditors and can seek ways of boosting their finances, often by selling off assets.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]