{"id":33888,"date":"2026-07-17T01:37:23","date_gmt":"2026-07-17T01:37:23","guid":{"rendered":"https:\/\/www.tannerdewitt.com\/?post_type=insight-and-news&#038;p=33888"},"modified":"2026-07-17T01:41:04","modified_gmt":"2026-07-17T01:41:04","slug":"hong-kong-courts-first-recognition-of-bahamian-liquidation-after-landmark-case-re-usum","status":"publish","type":"insight-and-news","link":"https:\/\/www.tannerdewitt.com\/zh-hant\/insight-and-news\/hong-kong-courts-first-recognition-of-bahamian-liquidation-after-landmark-case-re-usum\/","title":{"rendered":"Hong Kong Court\u2019s first recognition of Bahamian liquidation after landmark case Re USUM"},"content":{"rendered":"\n    \n\n<div style=\"background-image:url('https:\/\/www.tannerdewitt.com\/wp-content\/themes\/tanner-de-witt\/images\/insightdetails.jpeg')\"\n    class=\"insight-news-detail-hero\" id=\"insight-news-detail-hero\">\n\n\t\t<div style=\"background-color:\" class=\"insight-news-detail-hero-overlay \"><\/div>\n            <div class=\"z-[0]\">\n                <div class=\"insight-news-breadcrumbs flex items-end practice-areas-featured-breadcrumbs \">\n                    <a class=\"page-link no-underline\" href=\"https:\/\/www.tannerdewitt.com\/zh-hant\/\">Home<\/a>                <\/div>\n\n\n                <div class=\"hero-title\">\n                    <h1>\n                        Hong Kong Court\u2019s first recognition of Bahamian liquidation after landmark case Re USUM                    <\/h1>\n                <\/div>\n                \n                    <div style=\"\" class=\"hero-date \">\n\n                        <span class=\"month\">Jul<\/span>\n                        <span class=\"day\">17<\/span>\n                        <span class=\"year\">2026<\/span>\n                    <\/div>\n\n            <\/div>\n    \n\n    \n\n\n\n<\/div>\n\n\n\n<script >\n    (function () {\n        document.addEventListener(\"DOMContentLoaded\", () => {\n\n            const breadCrumbsContainer = Array.from(document.querySelectorAll(\".practice-areas-featured-breadcrumbs\"));\n\n            breadCrumbsContainer.forEach(container => {\n                const breadCrumbLinks = Array.from(container.querySelectorAll('.page-link'));\n                const breadCrumbSeperators = Array.from(container.querySelectorAll('.separator'));\n\n                if (Array.from(breadCrumbLinks).length === 1) {\n                    const homeNode = breadCrumbLinks[0];\n\n                    if (!homeNode) {\n                        return\n                    }\n\n                    const postTypeNode = homeNode.cloneNode(true);\n                    postTypeNode.textContent = \"Insights and News\";\n                    container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                    container.insertAdjacentElement('beforeend', postTypeNode)\n                    breadCrumbLinks.push(postTypeNode);\n\n                    if (\"Insights\") {\n                        const categoryNode = homeNode.cloneNode(true);\n\n                        categoryNode.textContent = \"Insights\";\n                        container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                        container.insertAdjacentElement('beforeend', categoryNode)\n                        breadCrumbLinks.push(categoryNode);\n                    }\n\n\n                    const titleNode = homeNode.cloneNode(true);\n\n                    titleNode.textContent = \"Hong Kong Court\u2019s first recognition of Bahamian liquidation after landmark case Re USUM\";\n                    container.insertAdjacentHTML('beforeend', `<span class=\"separator practice-areas-featured-breadcrumb-item-slash\">\/<\/span>`)\n                    container.insertAdjacentElement('beforeend', titleNode)\n                    breadCrumbLinks.push(titleNode);\n\n\n\n\n                }\n\n                breadCrumbLinks.forEach((link, index) => {\n\n                    link.classList.add('practice-areas-featured-breadcrumb-item-name');\n                    const origin = window.location.origin;\n                    const href = window.location.href;\n\n                    const originSplitter = window.location.href.includes(\"insight-and-news\") ? \"insight-and-news\" : window.location.href.includes('insights-and-news') ? \"insights-and-news\" : \"\"\n\n                    const paths = href.split(originSplitter);\n                    const links = paths[1].split(\"\/\").filter(Boolean)\n\n\n                    const resolvedOrigin = originSplitter ? (href.split(originSplitter)[0] || \"\") : (origin + \"\/\")\n\n                    if (index === 0) {\n\n                        if (!originSplitter) {\n                            link.href = origin\n                        } else {\n                            link.href = resolvedOrigin;\n                        }\n\n\n                    } else if (index === 1) {\n                        link.href = resolvedOrigin + originSplitter\n\n                    }\n                    else if (index === 2) {\n                        console.log(links)\n                        link.href = resolvedOrigin + originSplitter + \"\/\" + (links[0] || \"\")\n                    }\n                    else if (index === 3) {\n\n                        link.href = resolvedOrigin + originSplitter + \"\/\" + (links[0] || \"\") + \"\/\" + (links[1] || \"\")\n\n                    }\n\n\n\n                    \/\/ const words = link.textContent.split(\" \")\n                    \/\/ if (words.length > 4) {\n                    \/\/     link.textContent = words.slice(0, 4).join(\" \") + \"...\"\n                    \/\/ }\n\n                })\n\n                breadCrumbSeperators.forEach(separator => {\n                    separator.textContent = \"\/\"\n                    separator.classList.add('practice-areas-featured-breadcrumb-item-slash')\n                });\n\n\n            })\n\n\n        })\n        removeDivTag()\n    })();\n\n    function removeDivTag() {\n        console.log(\"remasfljas\");\n        const editorContainer = document.querySelector(\".editor-wysiwyg\");\n        \/\/ editorContainer.innerText = editorContainer.innerText.replace(\"<\/div>\", \"\")\n        Array.from(editorContainer.childNodes).forEach(el => {\n            if (el.textContent.includes(\"<\/div>\")) {\n                el.textContent = \"\"\n            }\n        })\n    }\n<\/script>\n\n<div class=\"editor-wysiwyg my-[40px]\">\n<div class=\"single-section\">\n<p id=\"ember221\" class=\"ember-view reader-text-block__paragraph\">In <em>Re Win Business Energy Caofeidian Limited (in official liquidation)<\/em> <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/search\/search_result_detail_frame.jsp?DIS=182622&amp;QS=%24%28usum%29%7C%24%28bahamas%29&amp;TP=JU\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">[2026] HKCFI 3951<\/a>, Tanner De Witt appeared before the Honourable Madam Justice Linda Chan and successfully obtained an order for recognition and assistance in favour of joint official liquidators (from Alvarez &amp; Marsal) appointed by the Bahamian Court (\u201c<strong>JOLs<\/strong>\u201d).<\/p>\n<p id=\"ember222\" class=\"ember-view reader-text-block__paragraph\"><em>Re Win Business<\/em> is the most recent recognition and assistance case applying the framework comprehensively laid down by the Companies Judge in <em>Re USUM Investment Group Ltd <\/em><a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/ju\/ju_frame.jsp?DIS=177948&amp;currpage=T\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">[2026] HKCFI 1320<\/a>. This case is also the first reported occasion where joint liquidators from the Bahamas have been recognised by the Hong Kong Court, yet further demonstrating the Court\u2019s willingness to assist foreign officeholders.\u00a0 Below are the key takeaways:<\/p>\n<p id=\"ember223\" class=\"ember-view reader-text-block__paragraph\"><strong>1.\u00a0\u00a0\u00a0\u00a0\u00a0 COMI <\/strong><strong><em>or<\/em><\/strong><strong> place of incorporation<\/strong><\/p>\n<p id=\"ember224\" class=\"ember-view reader-text-block__paragraph\">Prior to <em>Re Global Brands Group Holding Ltd<\/em> <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/ju\/ju_frame.jsp?DIS=145171&amp;currpage=T\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">[2022] HKCFI 1789<\/a>, the requirement for seeking recognition and assistance was that the foreign liquidation must be a collective insolvency proceedings commenced at the company\u2019s place of incorporation (see for example <em>Re Moody Technology Holdings Limited<\/em> <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/search\/search_result_detail_frame.jsp?DIS=127066&amp;QS=%24%28collective%2Binsolvency%2Bproceedings%29%7C%24%28recognition%29%7C%24%28place%2Bof%2Bincorporation%29%7C%28%7BWong%7D+%25coram%29&amp;TP=JU\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">[2020] HKCFI 416<\/a>.\u00a0 In <em>Re Global Brands<\/em>, the Court held that the starting point for recognition and assistance is where the foreign liquidation is taking place in the company&#8217;s centre of main interest (\u201c<strong>COMI<\/strong>\u201d). Nevertheless, the Court held in <em>Re Global Brands<\/em> that, where the liquidation was commenced in the company\u2019s place of incorporation, recognition and assistance could still be granted, broadly, as a matter of practicality (see the application in <em>Re Bull\u2019s-Eyes Limited<\/em> <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/legalref.judiciary.hk\/lrs\/common\/search\/search_result_detail_frame.jsp?DIS=163678&amp;QS=%2B&amp;TP=JU\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">[2024] HKCFI 3000<\/a>).<\/p>\n<p id=\"ember225\" class=\"ember-view reader-text-block__paragraph\">The position has developed with <em>Re USUM<\/em> which was handed down earlier this year, in that recognition and assistance may be <em>prima facie<\/em> granted where the foreign liquidation takes place in either the company&#8217;s COMI <strong><em>or<\/em><\/strong> its place of incorporation.<\/p>\n<p id=\"ember226\" class=\"ember-view reader-text-block__paragraph\">The <em>Re USUM <\/em>approach adopted by the Court is a positive development of the common law position in Hong Kong.<\/p>\n<p id=\"ember227\" class=\"ember-view reader-text-block__paragraph\">Any applicant seeking recognition and assistance will have to establish the utility\/practicality of the application (oftentimes to take control of Hong Kong assets). \u00a0Given this, it was arguable that the distinction drawn in <em>Re Global Brands<\/em> was not necessary (i.e. the need to show practicality in a non-COMI situation). \u00a0The <em>Re USUM<\/em> approach is therefore a welcome development and it signifies (further) the Hong Kong Court\u2019s underlying policy to assist foreign officeholders as far as possible.<\/p>\n<p id=\"ember228\" class=\"ember-view reader-text-block__paragraph\">This does not mean that every company should be wound up in its place of incorporation as the first port of call. Other practical considerations such as the location of assets will have to be considered. If the COMI of a foreign incorporated company is Hong Kong and assets are located in one of the 3 pilot cities in Mainland China, then winding up in Hong Kong should be seriously considered in order to engage the <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/www.doj.gov.hk\/en\/mainland_and_macao\/pdf\/RRECCJ_RoM_en.pdf\" target=\"_self\" data-test-app-aware-link=\"\" rel=\"noopener\">pilot scheme<\/a> for mutual assistance, which will only be engaged if the officeholder is appointed in Hong Kong (not \u2018merely\u2019 recognised here).<\/p>\n<p id=\"ember229\" class=\"ember-view reader-text-block__paragraph\">Win Business was incorporated and wound up in the Bahamas. The JOLs obtained a letter of request in aid of the recognition of the JOLs in Hong Kong to take control of Hong Kong assets. Applying the <em>Re USUM <\/em>framework to the facts, the Companies Judge agreed that the application was a suitable case for the Court to grant recognition and assistance.<\/p>\n<p id=\"ember230\" class=\"ember-view reader-text-block__paragraph\">In addition to the above, the decision also dealt with various practical procedural matters.<\/p>\n<p id=\"ember231\" class=\"ember-view reader-text-block__paragraph\"><strong>2.\u00a0 \u00a0 <\/strong><strong><em>Inter partes<\/em><\/strong><strong> vs <\/strong><strong><em>ex parte<\/em><\/strong><\/p>\n<p id=\"ember232\" class=\"ember-view reader-text-block__paragraph\">The Companies Judge confirmed that, where there are third parties potentially affected by the application, the application for recognition and assistance should generally be brought <em>inter partes <\/em>against those entities<em>. <\/em>That being said<em>,<\/em> third parties could be excluded as a party from those proceedings by confirming their neutrality and requesting their attendance to be excused.<\/p>\n<p id=\"ember233\" class=\"ember-view reader-text-block__paragraph\"><strong>3.\u00a0\u00a0\u00a0\u00a0\u00a0 Letter of Request<\/strong><\/p>\n<p id=\"ember234\" class=\"ember-view reader-text-block__paragraph\">Where the foreign court&#8217;s letter of request expressly confirms the officeholders&#8217; powers under the laws of the place of liquidation, it is unnecessary for the JOLs to separately identify by evidence the provisions in the foreign laws conferring the powers sought in the application for recognition and assistance. \u00a0The letter of request itself is sufficient if it adequately sets out the JOLs&#8217; powers under foreign laws.<\/p>\n<p id=\"ember235\" class=\"ember-view reader-text-block__paragraph\"><strong>4.\u00a0\u00a0\u00a0\u00a0\u00a0 Successor officeholders<\/strong><\/p>\n<p id=\"ember236\" class=\"ember-view reader-text-block__paragraph\">To save time and costs of potentially successive applications<em>, <\/em>the application also sought an order that the recognition and assistance granted would extend to any successor officeholders appointed by the Bahamian Court.\u00a0 This appears to be the first case to include such wording, which is of practical significance, especially concerning large liquidations that could last a number of years.<\/p>\n<p id=\"ember237\" class=\"ember-view reader-text-block__paragraph\">The <em>Re<\/em> <em>Win Business<\/em> decision again demonstrates the Court\u2019s practical approach in granting recognition and assistance in favour of foreign officeholders. It will no doubt be an important piece of the larger <em>Re USUM<\/em> framework that will be relied upon by practitioners.<\/p>\n<p id=\"ember238\" class=\"ember-view reader-text-block__paragraph\"><a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/www.tannerdewitt.com\/our-people\/tim-au\/\" target=\"_self\" data-test-app-aware-link=\"\">Tim Au<\/a> (Partner) and <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/www.tannerdewitt.com\/our-people\/vanessa-leung\/\" target=\"_self\" data-test-app-aware-link=\"\">Vanessa Leung<\/a> (Associate) of <a class=\"nnFuRRoHPXobuvhnNQKLVHTCAHHBMHsMruzUf \" tabindex=\"0\" href=\"https:\/\/www.tannerdewitt.com\/\" target=\"_self\" data-test-app-aware-link=\"\">Tanner De Witt<\/a> acted for the JOLs.<\/p>\n<p><a href=\"https:\/\/www.tannerdewitt.com\/our-people\/tim-au\/\">Tim Au<\/a>\u00a0<\/p>\n<p>Partner | <a href=\"mailto:timau@tannerdewitt.com\">Email\u00a0<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n\n<\/div>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Re Win Business Energy Caofeidian Limited (in official liquidation) [2026] HKCFI 3951, Tanner De Witt appeared before the Honourable Madam Justice Linda Chan and successfully obtained an order for recognition and assistance in favour of joint official liquidators (from Alvarez &amp; Marsal) appointed by the Bahamian Court (\u201cJOLs\u201d). Re Win Business is the most [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":33889,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"tags":[133,23,155,288],"insight-category":[1121],"insight-month":[1160],"insight-practice-area":[1122],"insight-year":[1162],"class_list":["post-33888","insight-and-news","type-insight-and-news","status-publish","has-post-thumbnail","hentry","tag-insolvency","tag-legal-updates","tag-restructuring","tag-restructuring-and-insolvency","insight-category-legal-updates-and-insights","insight-month-july","insight-practice-area-restructuring-and-insolvency","insight-year-1162"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news\/33888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news"}],"about":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/types\/insight-and-news"}],"author":[{"embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/users\/25"}],"version-history":[{"count":2,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news\/33888\/revisions"}],"predecessor-version":[{"id":33893,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-and-news\/33888\/revisions\/33893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/media\/33889"}],"wp:attachment":[{"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=33888"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=33888"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-category?post=33888"},{"taxonomy":"insight-month","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-month?post=33888"},{"taxonomy":"insight-practice-area","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-practice-area?post=33888"},{"taxonomy":"insight-year","embeddable":true,"href":"https:\/\/www.tannerdewitt.com\/zh-hant\/wp-json\/wp\/v2\/insight-year?post=33888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}