HKCML Conference: Future of Insolvency Law in Hong Kong
Hong Kong Commercial and Maritime Law Centre organized a conference titled ‘Future of Insolvency Law in Hong Kong’ on 1-2 June 2023. Scholars, experts, and professionals from world-leading universities and institutions gathered to share their research findings and observations from both academic and practical perspectives.
Prof Wan Wai Yee (City University of Hong Kong, School of Law, School of Law) and Prof Gerard McComack (University of Leeds, School of Law) introduced their research entitled “Incentivising Early-Stage Debt Restructuring for Large Firms: A Study of Hong Kong and some United Kingdom Comparisons.” Although Hong Kong and the United Kingdom share a similar legislative framework, Hong Kong is less successful than the United Kingdom in using the scheme for early going-concern restructuring. is the paper discussed the measures required to incentivize directors to address problems in the early stages. Prof Andrew Godwin (Australian Law Reform Commission, The University of Melbourne, Melbourne Law School) commented from the perspective of Australian law. Ms Tiffany Wong(Alvarez & Marsal) and Mr Daniuel Chow (FTI Consulting, Inc) shared their observations as practitioners in Hong Kong. They both agreed that cultural factors in Hong Kong often prevents companies from taking actions early when faced with financial crises.
Prof Wan presented another research paper on "Insolvency Law Reforms in Hong Kong for SMEs". She noted that Hong Kong has only implemented economic measures to address the impact of the pandemic on small and medium-sized enterprises. However, relying solely on economic measures has its limitations. Therefore, she proposed a simplified restructuring and liquidation framework. Dr Stefan Lo (Faculty of Law, The University of Hong Kong) commented on Prof Wan's proposal, comparing it to the statutory corporate rescue proposal that the Hong Kong government has been examining. Associate Professor Akshaya Kamalnath (Australian National University, College of Law) commented on Prof Wan's paper by introducing the insolvency regimes in Australia and providing suggestions for law reform in Hong Kong. Another commentator, Mr. Alan HH Cheung (Wing United CPA Limited), suggested simplifying the restructuring regime to reduce costs.
In the following panel discussion, Mr. Sumant BATRA (Insolvency Law Academy, India), Prof Andrew Godwind (Australian Law Reform Commission, The University of Melbourne, Melbourne Law School), Mr. Wang Lingqi (Fanda Partner, Mainland China), and Ms. Tiffany Wong (Alvarez & Marsal) shared the legal, market, and institutional factors that affect the choice of the governance model for insolvency and restructuring proceedings in different jurisdictions.
Prof Mo Lai Lan Phyllis (City University of Hong Kong, Department of Accountancy) and Prof Li Che Lan Linda (City University of Hong Kong, Department of Public and International Affairs) presented a study on "Financing Small and Medium-Sized Enterprises in Times of COVID-19 in Hong Kong". Their findings showed that the economic measures under the Anti-Epidemic Fund are insufficient to meet the needs of many SMEs. They recommended that the design of relevant economic measures be reconsidered. Dr Wilson Chan (City University of Hong Kong, College of Business) and Mr Michael Li (Zhonghui Anda CPA) provided comments from the perspectives of business scholarship and practitioner observation respectively. Dr Qi Yaxuan (City University of Hong Kong, Department of Economics and Finance) spoke about "Bankruptcy Reforms and Corporate Debt Structure", observing that bankruptcy law reforms promoting debt restriction could potentially have a negative impact on credit supply and impede the debt financing of some types of firms. Dr Felix Steffek (University of Cambridge, Faculty of Law) commented on the motivation, findings, and conclusion of the research. He suggested that the research could be a starting point for further exploring the impact of different classes of debt.
Dr Kelvin Kwok (The University of Hong Kong, Faculty of Law) and Dr Alwin Chan (The University of Hong Kong, Faculty of Law) presented their research on "Leases and COVID-19," arguing that the doctrines of frustration unfairly affect tenants and legal reform is needed to better protect them. Prof Alexander Loke (City University of Hong Kong) and provided comments on the paper.
In the following panel discussion, Mr Terry Kan (SHINEWING Hong Kong), Mr Ian Mann (Harneys), Dr Stefan Lo (The University of Hong Kong, Faculty of Law), and Mr Wang Lingqi (Fangda Partner, Mainland) discussed the theme "The Future of Cross-Border Insolvency in Hong Kong." The discussion covered points such as whether Hong Kong should adopt the UNCITRAL Model Law on Cross-border Insolvency, and whether the separate restructuring of offshore and onshore debts will continue.
香港商務與海事法律研究中心於2023年6月1日至2日舉辦了一場題為“香港破產法的未來”的會議。來自世界領先大學和機構的學者、專家和專業人士彙聚一堂，從學術和實際的角度分享他們的研究發現和觀察。
溫慧儀教授（香港城市大學法學院）和Gerard McComack教授（利茲大學法學院）介紹了他們題為“激勵大型企業早期債務重組：香港與英國的比較”的研究。儘管香港和英國擁有類似的立法框架，但在利用早期企業重整計畫方面，英國比香港更成功。該研究討論了激勵董事在早期階段解決問題所需的措施。Andrew GODWIN教授（澳大利亞法律改革委員會，墨爾本大學墨爾本法學院）從澳大利亞法律的角度對以上研究發表評論意見。Tiffany Wong女士 (FTI Consulting, Inc和Daniuel CHOW先生（FTI Consulting, Inc）以香港從業者的身份分享了他們在實踐中的觀察。他們都認爲，在面對金融危機時，香港的文化因素通常阻止公司及早採取行動。
溫慧儀教授（香港城市大學法學院）還介紹了另一篇題爲“香港中小企業破產法改革”研究論文。她指出，香港只實施了經濟措施，以應對大流行對中小企業的影響。然而，僅僅依靠經濟措施有其局限性。因此，她提出了一個簡化的重組和清算框架。盧偉正博士（香港大學法學院）就溫慧儀教授（香港城市大學法學院）的提議發表了評論，並將其與香港政府正在審查的公司挽救提案進行了比較。Akshaya Kamalnathh副教授（澳大利亞國立大學法學院）通過介紹澳大利亞的破產制度，並為香港法律改革提出建議。另一位評論者Alan HH Cheung先生（Wing United CPA Limited）建議簡化重組制度以降低成本。
在接下來的小組討論中，Sumant BATRA先生(Insolvency Law Academy, India），Prof Andrew Godwind（澳大利亞法律改革委員會，墨爾本大學墨爾本法學院），王靈起先生（方達律師事務所，中國大陸）和Tiffany WONG女士（Alvarez & Marsal）分享了影響不同司法管轄區破產和重整程式治理模式選擇的法律、市場和制度因素。
巫麗蘭教授（香港城市大學會計學系）和李芝蘭教授（香港城市大學公共與國際事務系）提出了關於“COVID-19時期香港中小企業融資”的研究。他們的調查結果顯示，抗疫基金下的經濟措施不足以滿足許多中小企業的需求。他們建議重新考慮相關經濟措施的設計。陳鳳翔博士（香港城市大學商學院）和Michael LI先生（Zhonghui Anda CPA）從商業學和從業者觀察的角度提供了評論。戚亞烜教授（香港城市大學經濟與金融系）談到了“破產法改革和公司債務結構”，觀察到促進債務限制的破產法改革可能對信貸供應產生負面影響，並妨礙某些類型企業的債務融資。Felix STEFFEK博士（劍橋大學法學院）就研究的動機、發現和結論進行了評論。他建議該研究可以成為進一步探索不同類別債務影響的起點。
郭曉暉博士（香港大學法學院）和陳維灝博士（香港大學法學院）就“租賃與COVID-19”進行了研究，主張有必要對疲弱作用原則進行改革，以更好地保護承租人。陸飛鴻教授（香港城市大學法學院）對該論文進行了評論。
在隨後的小組討論中，Terry Kan先生（SHINEWING Hong Kong），Ian Mann先生（Harneys），盧偉正博士（香港大學法學院）和王靈起先生（方達律師事務所，中國大陸）以“香港跨境破產的未來”為主題展開討論。討論涵蓋了一些議題，例如香港是否應採用《聯合國國際貿易法委員會跨境破產模式法》，以及離岸和在岸債務的分離重整是否會繼續等。
