Re China Gem Fund IX LP (In Official Liquidation) [2025] CIGC (FSD) 100

Court: Grand Court (Cayman Islands)

Subject: Cross-border insolvency, letter of request, whether to use standard form for letter of request in use in Hong Kong or to limit recognition sought

Judges: Asif J

Summary

This decision provides helpful guidance on the appropriate scope of powers to be sought in a recognition of liquidators by the High Court of Hong Kong. The powers sought should be no wider than those genuinely required.

Further details

The liquidators of China Gem applied to the Grant Court for a letter of request to be sent to the High Court of Hong Kong for the their recognition by the court and for the High Court to grant them judicial assistance. The liquidators had identified a securities account in China Gem's managed by Taiping, a Hong Kong based company. The account held shares in a Hong Kong Stock Exchange listed company. The liquidators asked Taiping to transfer the shares so they could realise their value for the benefit