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Path Dependence And Durability Of Hong Kong's Existing Corporate Reorganization System, Charles Zhen Qu Dr
Path Dependence And Durability Of Hong Kong's Existing Corporate Reorganization System, Charles Zhen Qu Dr
Charles Zhen Qu Dr
A corporate reorganization system that ensures optimal deployment of distressed companies’ assets helps promote economic development. In many developed economies, faltering firms are reorganized through a formal corporate reorganization procedure. The Hong Kong government has recently recommended the enactment of such a procedure on the assumption that the existing corporate and insolvency framework is ill-equipped to restructure failing companies. This article rebuts this assumption through an assessment of the efficiency of the judicially-developed reorganization system that has emerged as a result of the failure to introduce a formal reorganization procedure a decade ago. It argues that since an efficient alternative …
Central Counterparties (Ccp) And The New Transnational Lex Mercatoria, Christian Chamorro-Courtland
Central Counterparties (Ccp) And The New Transnational Lex Mercatoria, Christian Chamorro-Courtland
Christian Chamorro-Courtland
This article argues that the new transnational lex mercatoria is the main source of law governing the operations of Central Counterparty (CCP) clearing systems. It demonstrates that the new transnational lex mercatoria has been recognized by the courts in various common law jurisdictions as the appropriate source of law governing the operations various other commercial and financial institutions. It is argued that this new legal regime requires official recognition by the courts in order to protect CCP arrangements from burdensome corporate insolvency laws; especially for the protection of non-financial market CCPs, which are currently not protected by special legislation like …