Unlike jurisdictions which have adopted the Model Law, e.g. the United Kingdom, an application to the Hong Kong Courts for recognition of foreign insolvency proceedings requires a balancing exercise of competing aims: assisting the foreign court conducting the main insolvency proceedings in achieving a universal distribution of assets, and ensuring that creditors seeking the Hong Kong Courts' assistance are treated fairly and equitably in enforcing their rights.
There have been cases in which Hong Kong Courts have recognised foreign rehabilitation/ liquidation proceedings, however it remains to be seen whether the Hong Kong Courts will recognise the Korean rehabilitation proceedings for Hanjin.
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Hanjin Shipping - Current Jurisdictional Status And Options - Hong Kong
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