Twitter Weekly Updates for 2009-11-08

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Twitter Weekly Updates for 2009-11-01

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New Bill Could Bring Chapter 11 to Hong Kong

Efforts to introduce a Chapter 11-style corporate restructuring law in Hong Kong have been revived, the South China Morning Post reports subscription required.

In Hong Kong and in much of the rest of Asia, failing companies typically end up in the hands of liquidators. By comparison, Chapter 11 proceedings under the U.S. Bankruptcy Code famously permit troubled companies to enter a court-supervised period of reorganization, during which they are sheltered from creditors and can seek ways of boosting their finances, often by selling off assets.

The government of Hong Kong has been proposing such a law for over a decade but two previous versions of the Corporate Rescue Bill have foundered over a provision requiring employees be paid in full before a company can file a restructuring plan.

via New Bill Could Bring Chapter 11 to Hong Kong.

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HONG KONG: International arbitration comes home

Hong Kong is steadily gaining global recognition as an international arbitration centre for the Asia Pacific region, providing an ideal venue for speedy and reliable dispute solutions.

That’s a key message that Mr. Yan Lung Wong, Secretary of Justice of the Hong Kong SAR government, conveyed to federal Minister of Justice, Robert Nicholson, Chief Justice Beverley McLachlin and other senior judiciary, legal, business, academic figures and government officials during his three-day visit to Ottawa and Toronto last week.

via Ottawa Business Journal.

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