US resident fails to enforce bankruptcy stay against Irish creditors

Preventing a potential stand-off with the Irish courts, a US appeals court has denied a request by an Irish citizen resident in Illinois to enforce a Chapter 11 stay against his Irish creditors.

22 September 2022

Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms

Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.

16 September 2022

Nord Stream 2 pipeline wins moratorium extension until January

The Swiss parent company of ill-fated offshore natural gas pipeline Nord Stream 2 has successfully obtained an extension of bankruptcy protection after sanctions imposed on Russia withered hopes the pipeline would secure the approval needed to operate.

12 September 2022

Indian Supreme Court confirms IBC overrides Customs Act

India’s Supreme Court has confirmed that the existence of a moratorium under the Insolvency and Bankruptcy Code limits the power of a customs authority to recover customs duties, allowing an appeal by the liquidator of an Indian shipbuilding company.

08 September 2022

EY appointed interim JMs of Hodlnaut

UPDATED: A team from EY has been appointed interim judicial managers of Singaporean crypto lender Hodlnaut, after a court invited creditors to name alternatives to the lender’s own candidate.

30 August 2022

GRR Live, Singapore: the hub, five years on

Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.

25 August 2022

Damodara Ong advising as Singapore crypto lender applies to enter judicial management

Yet another Singaporean crypto lender has applied for court protection – this time in the form of a judicial management order – with Hodlnaut and its counsel Damodara Ong seeking to appoint Tam Chee Chong of Kairos Corporate Advisory as judicial manager.

22 August 2022

Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted

Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.

17 August 2022

Singapore court sanctions Pacific Radiance schemes

Singapore-listed offshore oil services group Pacific Radiance has completed an almost five-year long restructuring after a Singapore court sanctioned a pair of schemes of arrangement for its subsidiaries.

16 August 2022

Morgan Lewis advising Singapore-based food company with debt restructuring

An investor that is set to acquire a majority shareholding in a struggling Singaporean restaurant operator does not need to make a mandatory offer for the company, after a local regulator waived the obligation while the company pursues a restructuring scheme.

08 August 2022

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