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For the past year, courts in Hong Kong have tirelessly heard and decided on cases related to the banking industry. They range from cyber fraud cases, in which the courts found that fraudsters held misappropriated funds in bank accounts on constructive trusts for the victims, to insolvency cases, which give creditors helpful guidance as to which jurisdiction they should go when seeking to wind up foreign companies.
The Hong Kong government has put in great efforts to ensure that the city maintains its status as a leading financial centre by creating new laws and updating existing ones to align with international standards. The city is also building on and benefiting from its indivisible tie with mainland China, including mutual arrangements in relation to the enforcement of arbitral awards, availability of interim measures in aid of arbitration proceedings, and recognition of and assistance to cross-border insolvency proceedings.
This chapter, first published in December 2021, is reproduced with permission from Law Business Research Ltd.