Moratorium

Hong Kong judge applies Peking Founder findings in new keepwell deed dispute

Hong Kong’s Mr Justice Harris has applied his “momentous” findings in Peking Founder’s keepwell deed dispute to a new claim against Chinese semiconductor maker Tsinghua Unigroup, ruling again that deed disputes should be adjudicated in Hong Kong after confirming with a local expert that resulting judgments can be placed as evidence before a mainland court.

27 May 2022

Lim family wins appeal over Rajah & Tann representation

The owners of insolvent oil trader Hin Leong and shipping company Ocean Tankers can progress with a claim to remove Rajah & Tann as the companies’ counsel after winning an appeal in Singapore.

07 April 2022

Dutch e-commerce group secures cooling off period, cites “explosive” growth

A Dutch e-commerce group with international operations has secured a four-month cooling off period and succeeded in appointing Turnaround Advocaten’s Jaap Van der Meer as its restructuring expert, in a WHOA application arising from explosive growth in online sales, post-pandemic supply chain problems and rising costs.

17 March 2022

Singapore moratorium does not block directions order appeal, court finds

In a novel decision determining what types of proceedings are caught by a statutory moratorium in Singapore, a court has found the judicial managers of vessel owning Xihe Group did not need leave to appeal a ruling over the level of priority that should be afforded to charterparty debts in sister company Ocean Tankers’ liquidation.

21 February 2022

Singapore court weighs in on whether lock-up fees fracture scheme classes

A Singapore court has examined for the first time whether lock-up fees can have the effect of fracturing a class of creditors in a scheme of arrangement, relying on English and Hong Kong authorities to set out a trio of principles that judges should look out for.

18 February 2022

Creditor challenge against seldom-used UK moratorium rejected

In the first English court decision to consider the new moratorium provisions enacted in the UK in 2020, Sir Alastair Norris has rejected a challenge from a Thai creditor against moratoria secured by a group of companies that operate some of the UK’s best-known upmarket restaurants.

17 February 2022

Cassini fails in UK appeal over information during French safeguard

French events organiser Cassini has failed to persuade an appeal court that it was absolved from having to pass on information to its lenders under English-law governed covenants while in safeguard proceedings in its native France.

07 February 2022

Mallinckrodt to enter Irish examinership after US plan approved

American-Irish pharmaceuticals manufacturer Mallinckrodt will file examinership proceedings in Dublin in the coming days, after the Delaware bankruptcy court approved its Chapter 11 plan to slash about US$1.3 billion in debt.

04 February 2022

Canadian court appoints receiver over Finnish gold mine operator

An insolvent Canadian company that owns a gold mine in Finland has been placed into receivership, while fraud litigation between its majority shareholder and only secured creditor play out in the US and Canada.

02 February 2022

Indonesia’s Pan Brothers obtains Singapore scheme sanction

Indonesian garment manufacturer Pan Brothers has had its pre-packaged scheme sanctioned in Singapore, months after an Indonesian court recognised its moratorium in the city state.

17 January 2022

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