Guantao assists a Chinese company obtaining a winding-up order against its debtor in the BVI-北京观韬律师事务所

Guantao assists a Chinese company obtaining a winding-up order against its debtor in the BVI

2024-11-12

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Guantao assists a Chinese company obtaining a winding-up order against its debtor in the BVI

Recently, Guantao worked with local legal counsels in the British Virgin Islands (BVI) to assist a Chinese company in obtaining a winding-up order against a local company in the High Court of BVI. The winding-up order has since come into effect.

The winding-up order filed in the local court in the BVI is an important part of a series of actions by Guantao to assist its clients in collecting their debts abroad. The BVI company which was being wound up was registered in 2010. As a result of a previous case, the BVI company was due to pay about USD6 million to the Chinese company, but had not paid it.

Mr. Shen Peng, a partner in Guantao Beijing office and Director of Guantao International Arbitration Research Center, led the PRC and foreign counsel teams on the case. A BVI law firm and Guantao trainee lawyer Zhang Chuyao participated in the case.

With the increasing integration of China's economy into the world economy, Chinese companies' debt collection actions are no longer limited within China. There are more and more cases in which they file lawsuits or arbitration proceedings abroad, and even initiate enforcement and winding-up proceedings in accordance with local laws. In recent years, offshore jurisdictions, including the BVI and the Cayman Islands, are becoming hot spots for Chinese companies to safeguard their rights abroad. Guantao is well positioned to assist its clients in global debt collection, thanks to its accurate understanding of Chinese companies' commercial objectives, its own excellent cross-border dispute resolution skills and good relationships with foreign law firms.

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