In Re Ourgame International Holdings Limited [2026] HKCFI 4671, Mr Justice Harris granted common law recognition and managerial assistance to Cayman-appointed liquidators whose company’s Centre of Main Interests (COMI) was located outside the Cayman Islands.
Building upon the landmark decision in Re USUM Investment Group Limited [[2026] HKCFI 1320], the Court established a clear distinction between COMI-based recognition under modified universalism and incorporation-based recognition.
- COMI vs Incorporation Powers: Where foreign proceedings are opened in the place of incorporation rather than the COMI, Hong Kong courts will not extend universal collective insolvency relief. However, the court will recognize officeholders and grant "agentic powers". Under private international law, the law of the place of incorporation governs internal corporate management, enabling foreign liquidators to administer Hong Kong-sited assets and subsidiaries under ordinary principal-agent principles.
- Practice Impact: Liquidators of Caribbean holding vehicles with Mainland or Hong Kong COMIs can secure operational control over Hong Kong assets without having to satisfy full COMI-based universal recognition criteria.
Hong Kong: Companies Court Clarifies Agentic Recognition for Non-COMI Liquidators (Re Ourgame)