RE HONG KONG FRESH WATER INTERNATIONAL GROUP LTD (IN LIQUIDATION) (“COMPANY”)

RE HONG KONG FRESH WATER INTERNATIONAL GROUP LTD (IN LIQUIDATION) (“COMPANY”)

The Court granted the letter of request because the Liquidators demonstrated a pressing need to obtain recognition and assistance in Shanghai to protect and collect the Company's substantial Mainland assets, the Cooperation Mechanism and SPC Opinion requirements were met, and the Company's COMI was properly situated in Hong Kong, thereby justifying issuance of the letter of request under the Court's inherent jurisdiction.

Citation
[2022] HKCFI 924
Parties
Applicants: Joint and Several Liquidators of Hong Kong Fresh Water International Group Limited (In Liquidation); Company (in Liquidation): Hong Kong Fresh Water International Group Limited (In Liquidation)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
6 April 2022
Case Number
HCMP300/2022
Procedural Posture
Inherent Jurisdiction: Letter of Request for Recognition and Assistance (insolvency) / Decision on Application (order Granted)
Outcome
Order made granting the application and issuing a letter of request to the Shanghai No.3 Intermediate People's Court for recognition and assistance of the Hong Kong-appointed liquidators
Legal Topics
Recognition and Assistance, Letters of Request, Centre of Main Interests (comi), Liquidators' Powers
Source Language
EN
Insolvency Private International Law Cross Border Insolvency Civil Procedure Recognition and Assistance Letters of Request Centre of Main Interests (comi) Liquidators' Powers

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Parties

Joint and Several Liquidators of Hong Kong Fresh Water International Group Limited (In Liquidation)

Applicants

Hong Kong Fresh Water International Group Limited (In Liquidation)

Company (in Liquidation)

Procedural Posture

Inherent Jurisdiction: Letter of Request for Recognition and Assistance (insolvency) / Decision on Application (order Granted)

Legal Issues

  1. 1 Whether to issue a letter of request under the Cooperation Mechanism for recognition and assistance in the Mainland
  2. 2 Whether the Company's centre of main interests (COMI) was in Hong Kong for purposes of recognition
  3. 3 Whether the Liquidators had demonstrated necessity to take control of Mainland subsidiaries and assets

Ratio Decidendi

The Court granted the letter of request because the Liquidators demonstrated a pressing need to obtain recognition and assistance in Shanghai to protect and collect the Company's substantial Mainland assets, the Cooperation Mechanism and SPC Opinion requirements were met, and the Company's COMI was properly situated in Hong Kong, thereby justifying issuance of the letter of request under the Court's inherent jurisdiction.

Court Disposition

Order made granting the application and issuing a letter of request to the Shanghai No.3 Intermediate People's Court for recognition and assistance of the Hong Kong-appointed liquidators

Orders

  • Grant the application and issue the letter of request to the Shanghai No.3 Intermediate People's Court in the terms of the application