News

Hong Kong Airlines secures English plan sanction

Crossing another hurdle in its restructuring, Hong Kong Airlines has secured sanction of an English restructuring plan, five days before its parallel Hong Kong scheme is due to be heard, after creditors dropped potential opposition.

09 December 2022

FRP launches its first international office in Cyprus

UK advisory firm FRP has opened its first international office after acquiring a Cypriot boutique firm that is working on the liquidation of Cyprus Popular Bank.

09 December 2022

EU proposes next step in harmonisation of insolvency laws

Lawyers have welcomed the European Commission’s latest proposal to harmonise insolvency laws across member states, which it says aims to encourage cross-border investment within the bloc.

08 December 2022

JPLs denied Ch15 recognition as blood storage group’s provisional liquidation not a collective proceeding

The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group have been denied US recognition, after a New York bankruptcy court found that they had been appointed to investigate the company and protect its assets – not for the purpose of reorganisation or liquidation.

08 December 2022

Court clears Credit Suisse to bring Greensill-related claim against SoftBank

Credit Suisse has convinced an English judge to let it bring a claim against Japan’s SoftBank over its restructuring of a former Greensill client, which the Swiss bank alleges deprived it of receivables and left it holding unsecured notes for which a default was inevitable.

07 December 2022

Chinese property developer secures English scheme creditor meeting

UPDATED: Distressed Chinese property developer China Fortune Land Development has won court-approval to convene a single meeting for creditors to vote on an English scheme to restructure its offshore debt.

07 December 2022

Zipmex secures moratoria extension in Singapore

Crypto group Zipmex has secured an extension of its Singaporean moratoria, but a local judge criticised its advisers for failing to keep the court informed of developments at its Indonesian subsidiary.

06 December 2022

S&P Global credit outlook report predicts doubling default rates as recessions loom in mid-2023

Economies that have exhibited short-term resilience to increasingly difficult macro-economic circumstances may begin to buckle in mid-2023, a new report from ratings agency S&P Global predicts, as sovereign states and banks find it hard to manoeuvre the current strains on credit.

06 December 2022

Hong Kong court applies Global Brands Group COMI criteria to assist BVI liquidators

UPDATED: Applying his “landscape-changing” decision in Global Brands Group, Mr Justice Harris has recognised the British Virgin Islands liquidators of a joint venture company formed by Chinese property developers Yuzhou Group and Chengdu Ruizhuo Real Estate to buy a real estate project in southwestern China's Sichuan province.

05 December 2022

Addleshaw Goddard partner moves to Ashurst in Hong Kong

Ashurst has hired a new partner to its Hong Kong office as part of its plans to capture “rapidly growing” opportunities and client demands in Asia, two months after launching a risk advisory business in the UK.

05 December 2022

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