REGIONAL COMMITTEES: ASIA
A Resounding Success: III’ s Hong Kong Restructuring and Insolvency Conference 2024
By Ian De Witt Tanner De Witt
In early November Hong Kong had the pleasure of hosting the one-day regional R & I conference. There was a great turnout, and it was enjoyed by many. It was a lovely opportunity for people to remind themselves why this city of Hong Kong is so special. A city so small but which has gained such a strong international presence. A city that is resilient and continues to adapt and evolve to the endless challenges presented to it. A city that has been welcoming and kind to me and which I am lucky to call home. Its vibrancy, diversity and uniqueness are incomparable – they all come part and parcel in making Hong Kong the major R & I hub that it is.
As part of the organising committee, I had the immense pleasure of working with Jose Maurellet SC, Mat Ng, Look Chan Ho, Desmond Ang, Sammy Koo, and Tiffany Wong to create the conference. Serving as the Master of Ceremonies, I am delighted to reflect on the success of the event. Held at the Asia Society in Hong Kong, this conference sold out, attracting delegates who came to learn, understand, and make friends. The conference featured a series of engaging panels and discussions, with speakers who were both knowledgeable and eloquent. They shared valuable insights and sparked lively debates, all while adhering to the strict schedule( a miracle in itself).
The event kicked off with a“ state of the Hong Kong economy” address by the Secretary
for Financial Services and the Treasury, Mr. Christopher Hui, GBS, JP. His insightful analysis of the economy provided a robust foundation for the day’ s discussions and set a positive tone for the conference. Throughout the day, attendees engaged in a variety of sessions covering several key topics, including recent developments in the Re Shandong Chenming( a Court of Final Appeal decision) and China Properties cases, enhancing Hong Kong’ s status as a key insolvency jurisdiction by easing primary liquidations for foreign companies and promoting cross-border cooperation; and recent rulings which have clarified dispute resolution clauses post-Lasmos, influencing how insolvency and arbitration practitioners will draft contracts and approach future situations.
Attendees then delved into the complexities and legal frameworks of handling insolvency cases across multiple jurisdictions. This panel debated contentious insolvency issues and featured diverse perspectives on new recovery routes in liquidations, prompting varied perspectives on creditor definitions, future bond structures, and potential improvement to documentation to clarify the position.
We also had social topics covering the good, the bad, and the ugly side of AI, an engaging topic that showcased how AI has infiltrated almost every sector imaginable. We delved into the ethical dilemmas and the potential for AI to either save or sabotage our future, leaving everyone with plenty of food for thought. Next, we turned our attention to the Chinese financial system, a rollercoaster ride
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