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No.15 of Model Cases Tried by the Shanghai Bankruptcy Court in 2020: Case of CEFC Shanghai International Group Limited's application for a Hong Kong court's recognition of the bankruptcy procedure and administrator's qualification in the mainland
上海破产法庭2020年度典型案例之十五:上海华信申请香港法院承认内地破产程序及管理人资格案
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No.15 of Model Cases Tried by the Shanghai Bankruptcy Court in 2020: Case of CEFC Shanghai International Group Limited's application for a Hong Kong court's recognition of the bankruptcy procedure and administrator's qualification in the mainland 上海破产法庭2020年度典型案例之十五:上海华信申请香港法院承认内地破产程序及管理人资格案
Keywords: 关键词
bankruptcy cooperation between the mainland and Hong Kong; a Hong Kong court's recognition of the bankruptcy procedure and administrator's qualification in the mainland 内地与香港破产合作、香港法院承认内地破产程序和管理人资格
Case Summary 案件概要
On November 15, 2019, the Shanghai No. 3 IPC ruled to accept the bankruptcy liquidation of CEFC Shanghai International Group Limited (hereinafter referred to as “CEFC Shanghai”) and designated Shanghai Branch of Beijing King & Wood Mallesons Law Firm, Shanghai Fangda Partners Law Firm, and Shanghai Allbright Law Offices to serve as the joint administrators by inviting competition. Since an individual creditor enjoyed CEFC Shanghai's claims of EUR29 million and CEFC Shanghai enjoyed its Hong Kong subsidiary's claims of HKD 720 million, the individual creditor instituted a Garnishee Order Absolute procedure against CEFC Shanghai to the High Court of Hong Kong Special Administrative Region (hereinafter referred to as the “High Court of Hong Kong”). If such procedure was supported, the individual creditor would replace CEFC Shanghai and directly get the discharge of claims from CEFC Shanghai's Hong Kong subsidiary. The joint administrators of CEFC Shanghai thus filed an application with the High Court of Hong Kong and requested that the High Court of Hong Kong should recognize the bankruptcy procedure and administrators' qualification in the mainland so as to hold back an individual creditor's discharge of claims through the Garnishee Order Absolute procedure. 2019年11月15日,上海三中院裁定受理上海华信国际集团有限公司(以下简称上海华信)破产清算,并以邀请竞争方式指定北京市金杜律师事务所上海分所、上海市方达律师事务所、上海市锦天城律师事务所担任联合管理人。因个别债权人对上海华信享有债权2,900万欧元,而上海华信对其香港子公司享有债权72亿港元,该个别债权人在香港高等法院提起了针对上海华信的绝对债权扣押令(Garnishee Order Absolute)程序。如获得支持,则该个别债权人将取代上海华信,直接向香港子公司获得债权清偿。上海华信联合管理人遂向香港特别行政区高等法院(以下简称香港高等法院)提出申请,请求承认内地破产程序及管理人资格,以阻止个别债权人通过绝对扣押令程序获得个别清偿。
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