10 Oct 2018
RE GUANGDONG INTERNATIONAL TRUST & INVESTMENT CORPORATION HONG KONG (HOLDINGS) LTD (In Creditors’ Voluntary Liquidation)
- Citation
- [2018] HKCFI 2498
- Court
- Court of First Instance
- Case number
- HCMP2638/2017
The court directed that the liquidators may distribute the Mainland RMB asset by remitting it in its entirety to identified Mainland bank accounts of creditors willing to accept RMB dividends and may distribute the Hong Kong assets pari passu to all other creditors (with hotchpotting against RMB dividends), because the RMB asset is a chose in action governed by Mainland law subject to distribution restrictions, Hong Kong insolvency law does not override the lex situs limitations, and the proposed procedure preserves collective administration and the substantive pari passu principle among elig…