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.

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