Hong Kong plans to introduce its version of U.S.-style 'Chapter 11' ba...
HONG KONG - Hong Kong plans to introduce its version of U.S.-style “Chapter 11” bankruptcy provisions, a senior government official said, as the city’s worst economic predicament in decades threatens the viability of many companies.
Such a system would give struggling companies a window to restructure their debt while being protected from the threat of legal action by their creditors. “We have recently had more inquiries from companies in difficulty and it is likely there will be an increase in the number of bankruptcies this year,” said Christopher So, a partner in PwC’s business recovery services team in China and Hong Kong.
“This one happens to be a confluence of several events,” he said, referencing the impact of the coronavirus, a Saudi-Russia oil price war, global central banks’ limited capacity for further interest rate cuts as well as “social events in Hong Kong”.
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