"Take 10” is Harneys Offshore Litigation podcast series. In the second episode, Ian Mann and Dayton Riddle discuss common law recognition and the case of Supreme Tycoon.
The Hong Kong Court determined that it could recognise a foreign voluntary liquidation of a Company.
The Court distinguished Supreme Tycoon from Lord Sumption’s obiter dicta in Singularis noting that the key is whether the foreign proceeding was “a process of collective enforcement of debts for the benefit of a general body of creditors.”
The mere fact that the foreign liquidation was voluntary did not bar the Hong Kong Court from recognition and assistance under the principle of modified universalism.