Are You Ready for the Security of Payment Statutory Regime in Hong Kong?

On 31 January 2024, Mayer Brown’s Hong Kong Construction and Engineering team held a full day training programme comprising two same sessions titled “Are You Ready for the Security of Payment Statutory Regime in Hong Kong?”. The programme comprised a seminar and a workshop on the proposed Security of Payment statutory regime (SOPSR) with almost 100 attendees from the private developers and public sectors.

Mayer Brown’s Head of Asia Litigation & Dispute Resolution and partner, Geoffrey Chan, kick-started the seminar by introducing the background and current status of the proposed SOPSR, followed by partner Menachem Hasofer's remarks on the adjudication aspect of the proposed regime. External speakers, Ian Pennicott SC KC (Des Voeux Chambers (HK) and Keating Chambers (UK) and Tim Cradock (Ankura) spoke on other aspects of the proposed SOPSR. Ian Pennicott covered the key features and enforcement issues under the proposed SOPSR, followed by Tim's insights from a commercial perspective and practical tips on how clients should prepare for its implementation.

The seminar was followed by an interactive workshop where the attendees were provided with case studies highlighting the legal issues in play. Our lawyers and external speakers facilitated discussions amongst various groups on how those issues may be addressed. The programme was concluded with a lively networking session.