Corporate Rescue: Hong Kong Developments (original) (raw)

The paper discusses recent developments in corporate rescue legislation in Hong Kong, specifically the introduction of the provisional supervision regime as a statutory mechanism for financially distressed companies. It highlights the criticisms of the previous scheme of arrangement under section 166 of the Companies Ordinance, including its complexity and lack of moratorium benefits. The paper also details the historical context of legislative proposals and the challenges faced by companies in meeting financial obligations during the rescue process.