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To embed, copy and paste the code into your website or blog: A new framework will be introduced for the cooperation between the courts of Hong Kong and Mainland China on cross-border corporate insolvency. The Secretary for Justice, Ms Teresa Cheng SC, and Vice-president of the Supreme People’s Court (SPC), Mr Yang Wanming, signed a Record of Meeting in Shenzhen on 14 May 2021 to signify the consensus on the mutual recognition of and assistance to insolvency proceedings between the two places. Pilot measure on mutual recognition and assistance Under the new mechanism, the SPC may designate “pilot areas” in which the Intermediate People’s Court may cooperate with the Hong Kong courts. The SPC has issued a set of opinions on taking forward the pilot measure, in which Shanghai, Xiamen and Shenzhen have been designated as pilot cities. As highlighted in the Record of Meeting, the number of pilot areas is expected to be progressively expanded.

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