Bringing Corporate Rescue Laws to Hong Kong: A Reform Too Big to Fail?
Business Law International, Vol. 12, No. 1, 71-92, 2011
22 Pages Posted: 19 Oct 2010 Last revised: 1 Jan 2014
Date Written: February 7, 2011
Abstract
In October 2009, the Financial Services and the Treasury Bureau of the Hong Kong government published a consultation paper to review corporate rescue procedure with the aim of reforming key issues relating to corporate rescue. This article compares the proposed reform in Hong Kong and Australia’s voluntary administration under Part 5.3A of its Corporations Act, and seeks to identify what the former can learn from the latter’s model in reforming its corporate rescue framework. In the final analysis, it is argued that the experiences of Australia on the matter provide good insight for Hong Kong.
Keywords: GFC, insolvency law, sub-prime, subprime, Greenspan, voluntary administration
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