Provisional liquidation

RSM under fire as Cayman soft-touch JPLs refused assistance in Hong Kong

In the first decision of its kind, a Hong Kong court has declined to assist an investment holding company’s Cayman soft-touch provisional liquidators despite recognising their appointments, citing concerns over the treatment of creditors.

12 May 2021

Cayman winding-up petition struck out amid Hong Kong share dispute

A winding-up petition against a Beijing-based investment holding company has been struck out as an abuse of process by a Cayman Islands court, amid a dispute over a Hong Kong law-governed shareholder agreement.

29 April 2021

Interim recognition in Australia for Greensill Bank administrator

Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.

07 April 2021

Light-touch – not soft-touch – PLs for African oil and gas group

Offering a rare glimpse into a cross-border insolvency in Africa, a Cayman court has appointed light-touch provisional liquidators over an oil and gas company finding its intention to restructure was there, despite its “precarious” negotiations being at an early stage and creditors in Kenya trying to stall a related Mauritian administration.

01 April 2021

Greensill enters provisional liquidation in Singapore

Greensill’s Asia arm has entered provisional liquidation in Singapore, following the finance group’s UK and Australian administration proceedings, German insolvency filing and US Chapter 11.

30 March 2021

Hong Kong must depart from "English" approach to common law recognition

The “restricted” view that common law recognition favours proceedings in a debtor’s place of incorporation does not serve Hong Kong well, Mr Justice Harris has said in a decision adjourning the recognition of soft-touch provisional liquidators appointed in “questionable” circumstances in Bermuda.

11 March 2021

Weil’s Adam Plainer to move to Dechert

Weil’s London practice co-head Adam Plainer is leaving to join Dechert as global co-chair of its financial restructuring group, with the firm stating an aim to build a joined-up EMEA and US practice in the service of fund clients.

17 February 2021

Investment company secures parallel Hong Kong and Cayman schemes

Hong Kong and Cayman Islands courts have sanctioned parallel schemes of arrangement for an investment holding company, finding the Gibbs rule did not prevent it from restructuring Macau law-governed debt.

09 February 2021

Century Sunshine’s Cayman JPLs secure Singapore recognition

BlackOak is advising the “light-touch” provisional liquidators of Chinese fertiliser company Century Sunshine Group, who have won recognition in Singapore to seek a restructuring of locally-listed notes.

15 December 2020

Offshore provisional liquidators not entitled to general stay, Hong Kong court rules

A Hong Kong court has clarified that offshore provisional liquidators are not entitled to a general stay of local proceedings following a standard recognition order, in a ruling that has “punctured a long-standing myth” according to one barrister.

20 November 2020

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