Regional news: Asia-Pacific

Chinese energy group wound up in Bermuda

Hong Kong-listed gas group NewOcean Energy has been wound up in Bermuda, less than a year after it appointed soft touch provisional liquidators to help restructure its debts following the collapse of Singaporean oil trader Hin Leong.

05 August 2022

Arbitration clause halts Chinese cinema JV shareholder’s winding up attempt

A joint venture company operating cinemas in China has obtained an injunction in Hong Kong to stop one of its shareholders from presenting a winding up petition against it, with the court finding it would be an abuse of process in the presence of a bona fide dispute governed by an arbitration clause.

04 August 2022

Canadian tech group enters Ch11, Australian subsidiary in liquidation

Canada-listed software logistics business GetSwift Technologies has sought Chapter 11 protection in New York, days after its Australian subsidiary entered liquidation after being found liable last year for making misleading statements to the Australian Securities Exchange about customer agreements with the likes of Amazon.

03 August 2022

Crypto Lender Vauld secures three-month moratorium in Singapore

Singapore-headquartered cryptocurrency lender Vauld has won a three-month moratorium in the Lion City, blocking potential winding up actions and other proceedings against its parent company while it negotiates a sale.

03 August 2022

Singaporean crypto platform Zipmex taps Morgan Lewis Stamford for moratoria

Digital assets group Zipmex has filed moratorium applications in Singapore for five of its international entities a week after it paused customer withdrawals, saying they would give it “the breathing space and time it requires” to restructure its debts.

01 August 2022

Three Arrows Capital JLs obtain Chapter 15 recognition in New York

The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have obtained Chapter 15 recognition in New York, with the court allowing certain secured creditors to enforce their debts.

29 July 2022

International dispute over Mt Gox accounts puts spotlight on trustee’s uphill task

A dispute between a US-resident director and his Australian former employer over cryptocurrency held in two accounts with the collapsed Japanese exchange Mt Gox, has cast a light on some of the difficulties facing the exchange’s rehabilitation trustee as he finally gears up to repay creditors eight years down the line.

28 July 2022

Heads-Up: Daniel Anderson at Ropes & Gray in Hong Kong

Featured in Heads-Up

Daniel Anderson, partner and co-head of Ropes & Gray’s restructuring and special situations practice in Asia, speaks to GRR about the problems facing the Chinese real estate sector, what Hong Kong can do to remain competitive for cross-border restructurings, and whether the much-anticipated wave of covid-related insolvencies will impact Asia over the coming months.

27 July 2022

Amazon’s fraud allegations faulter as Future Retail enters restructuring in India

Indian counsel working for Jeff Bezos’ Amazon have failed to stop the Bank of India placing local conglomerate Future Retail into a corporate insolvency resolution process, with the National Company Law Tribunal’s Mumbai Bench dismissing “baseless” allegations of fraud against the debtor and its creditors.

25 July 2022

“Winter is coming and it’s starting with crypto”: NY lawyers react to month of turmoil

With the market reeling after crypto firms Three Arrows Capital, Voyager Digital and Celsius all sought bankruptcy protection in New York earlier this month, local lawyers compare the disarray to the collapse of Lehman Brothers, discuss the many novel legal issues that need to be resolved in the first Chapter 11 cases and predict crypto debtors will struggle to survive without completing M&A deals.

22 July 2022

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