DVC’s Connie Lee Participated in The Panel Discussion “Outside the realms of UNCITRAL – asset recovery involving insolvent PRC parties” at the Virtual Conference of Asset Recovery Asia 2021
The Virtual Conference of Asset Recovery Asia this year was successfully held from 30 November 2021 to 1 December 2021.
Connie Lee had the pleasure of joining Ms. Erica Gao, Partner from Zhong Lun (PRC) and Mr. Lingqi Wang, Partner from Fangda Partners (PRC) in an interactive panel session on “Outside the realms of UNCITRAL – asset recovery involving insolvent PRC parties” moderated by Ms. Wendy Lin, Partner from WongPartnership LLP (Singapore) and organized by Informa Conference’s Conference Director, Mr. Vincent Beard.
In recent years, there has been an increasing need for foreign and Hong Kong parties to participate in recovery and insolvency proceedings in the PRC. The panellists shared their views on how best to approach asset recovery litigations involving a PRC counterparty and assets in the PRC.
Mr. Lingqi Wang and Ms. Erica Gao started off the engaging session by providing an overview of the Chinese insolvency/bankruptcy process which is unique to the PRC panorama. They then explained the difficulties for foreign creditors seeking to participate in the process. Connie subssequently joined the session and shared the difficulties faced by Hong Kong creditors and insolvency practitioners seeking to get into assets in the PRC. The panel then concluded by sharing their take on the new Cooperation Agreement for Mutual Recognition of and assistance to insolvency proceedings between the Courts of the Mainland and of the HKSAR which came into effect on 14 May 2021. This included the inaugural decision in Hong Kong issuing the first Letter of Request to Mainland Court for cross-border insolvency assistance under this new cooperation agreement, see: Re Samson Paper Company Limited  HKCFI 2151; and the nuts and bolts of participating in the actual process in the PRC despite the coming into effect of this new cooperation agreement.