Chapter 11 in Hong Kong ? What Would They Do With Mass Tort Claims ?
Here is an AmLaw article about the apparently fairly real possibility of chapter 11 type legislation in Hong Kong. This is getting ahead of the game, but it does provide an opportunity to pause and think about what Hong Kong or other sovereigns might use as an approach to corporate failures caused by mass tort claims. After all, we’ve seen some serious mass tort issues arise from Hong Kong’s nearby neighbors.
Let’s hope other sovereigns do better than section 524(g) of teh US bankruptcy code. Otherwise, we may see a global spread of mass claiming by the least sick.