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Until very recently, there has not been any Hong Kong authority on whether a foreign insolvent voluntary liquidation is eligible for recognition and assistance in Hong Kong. In Re Joint Liquidators of Supreme Tycoon Limited (in liquidation in the British Virgin Islands)  HKCFI 277, Harris J extended the common law power to recognise and assist foreign insolvency proceedings to voluntary liquidations. This is the first authority in Hong Kong in relation to this issue. The judge reasoned that other than the degree of court supervision, this power should be available to compulsory and voluntary liquidation proceedings since both concern the collective enforcement of debts for the benefit of the general body of creditors. This judgment sees Harris J further developing the law in relation to cross-border insolvency and demonstrates the Hong Kong courts’ willingness to accommodate these increasingly common international insolvency applications.
In his earlier judgment in Re Joint Official Liquidators of Centaur Litigation SPC (in liquidation)  HKCU 560, Harris J granted extensive powers to a foreign liquidator seeking recognition and assistance in Hong Kong to exercise powers as if they were appointed as liquidators under the laws of Hong Kong.
For more information on the topic of insolvency, see: