Bringing corporate rescue laws to Hong Kong: a reform too big to fail?

In October 2009, the Financial Services and the Treasury Bureau of the Hong Kong Government published a consultation paper to review corporate rescue procedures with the aim of reforming key issues relating to corporate rescue. This article compares the proposed reform in Hong Kong with Australia’s voluntary administration under Part 5.3A of its Corporations Act, and seeks to identify what the former can learn from the latter’s model in reforming its corporate rescue framework. In the final analysis, it is argued that the experiences of Australia on the matter provide good insight for Hong Kong.