A Study On Mutual Recognition And Assistance In Bankruptcy Proceedings Between The Mainland And Hong Kong

The construction of the GBA has promoted the development of economic and trade relations between the Mainland and Hong Kong.However,due to the Sino-US trade war,the international financial crisis and other international unfavorable environments,many joint ventures have fallen into operational crisis.The number of corporate bankruptcy cases continues to grow.However,due to the particularity of "one country,two systems" and the particularity of the bankruptcy issue itself,cross-border bankruptcy cooperation between the Mainland and Hong Kong is difficult.Although Hong Kong recognized and assisted the bankruptcy proceedings of the mainland courts in accordance with common law rules,there are no successful cases of recognition and assistance the bankruptcy proceedings of Hong Kong courts in mainland.The article is mainly divided into three parts.The first part sorts out the current legislative and judicial status of cross-border bankruptcy recognition and assistance between the Mainland and Hong Kong,and analyzes the current legislative and judicial dilemma.The second part puts forward the specific problems that led to the above dilemma,which are mainly manifested as:the subject of application is not clear,the scope is too narrow,the conditions are not unified,the relationship between recognition and assistance is unclear,and measures to assists are too simple etc.On this basis,it analyzes and evaluates relevant approaches to these issues.The third part further explores possible solutions to the issue of recognition and assistance in the Mainland and Hong Kong,and puts forward suggestions and opinions,and makes necessary responses to the specific problems raised in the second part.This article believes that the Mainland and Hong Kong should learn from the successful experience of the international community to solve the above-mentioned problems,and make necessary improvements and adjustments based on the actual conditions of the two places.At this stage,the more appropriate way is to reach a special arrangement for cross-border insolvency between the Mainland and Hong Kong(HK-China CBI)as soon as possible,and pass legislation to clearly the subjects,objects,conditions and measures of recognition and assistance.In addition,the Mainland and Hong Kong should establish a communication and coordination mechanism,strengthen the construction of bankruptcy informatization and build an informatization sharing platform on bankruptcy practices and theories between the Mainland and Hong Kong,promote exchanges and cooperation between bankruptcy practitioner and deepen mutual understanding and trust between the two places.