CHINA Trends and Developments Contributed by: Greg Hallahan, Amanda Rasmussen and Kristine Kwok, Secretariat
Conclusion It is challenging to conduct domestic research within mainland China to identify asset-related information, but where parties are able to successfully petition a domestic court to issue an enforcement order, judges then have access to a wide range of information col - lected by government authorities. Since 2013, lists that identify Chinese parties as either unable or unwill - ing to repay their debt have also been publicly avail - able. Where available avenues within China have been exhausted, creditors are increasingly harnessing open-source intelligence to assess the asset profile of debtors overseas. Transparent and comprehensive records in key jurisdictions such as the USA, Canada, UK and Australia, as well as Hong Kong and Singa - pore, make identification of asset-related information relatively straightforward. Recent cases suggest that courts in these jurisdictions are also becoming more familiar and comfortable with enforcing Chinese judg - ments and awards under reciprocal regimes.
• in October 2024, the New South Wales Supreme Court enforced a 2019 Fujian High People’s Court judgment against an Australian investor, awarding compensation of RMB10 million (USD1.5 million); • in September 2024, the US District Court for the Southern District of California enforced a 2021 Beijing Arbitration Commission award of RMB153 million (USD21 million) following the failure of a Beijing communications company to repay a loan to a Shenzhen company; and • in April 2019, a British Columbian court upheld a Tangshan Intermediate Court judgment and ordered two individuals residing in British Columbia to pay CAD16.3 million (USD12.2 million) to fulfil a debt owed to a Chinese coal trader.
122 CHAMBERS.COM
Powered by FlippingBook