Regional news: Asia-Pacific

Evergrande moves towards restructuring as shares plummet

Struggling Chinese property group Evergrande has established a risk management committee to help it “overcome the challenges it currently faces” – three days after it revealed plans to engage with offshore creditors on a restructuring plan.

06 December 2021

Heads-Up: Ron Thompson at Alvarez & Marsal in Hong Kong

The head of Alvarez & Marsal’s Asia restructuring practice, Ron Thompson, discusses the differences between onshore and offshore restructuring in China, the impact of the mainland’s new recognition protocol with Hong Kong and the effects of personal bankruptcy reform on the mainland.

01 December 2021

Norton Rose partner joins Ashurst in Sydney

Ashurst has recruited a partner from Norton Rose Fulbright in Sydney, who has experience advising on the restructurings of mining company Arrium and swimwear brand Seafolly.

29 November 2021

Cayman court raises comity concerns over Hong Kong winding up

An attempt by a Chinese liquor distributer to appoint joint provisional liquidators in the Cayman Islands has been frustrated after a local court raised comity concerns over separate Hong Kong winding up proceedings.

26 November 2021

India tables draft cross-border regulations

The Indian government has published a proposed set of cross-border insolvency rules and regulations, and is inviting comments on its plans.

25 November 2021

Bribery not a defence to loan claim, Singapore court says

A metal trading company and its directors have been denied leave to defend an Indian bank’s loan recovery claim in Singapore with arguments that the money was secured by bribing the lender’s employees.

25 November 2021

Hong Kong publisher escapes winding up pending arbitration

A Shanghai business school has failed to secure a winding up order against its academic resource publisher, after a Hong Kong court stayed its petition pending the outcome of an arbitration.

24 November 2021

UK monitors liable for costs of failed Australian recognition request

An Australian court has ordered the UK moratorium monitors of waste oil re-refiner Hydrodec Group to pay costs to a creditor who opposed their failed recognition attempt.

19 November 2021

Jail threat for Eagle Hospitality “fraudsters”

A Delaware bankruptcy judge has threatened to jail two shareholders of hotel portfolio group Eagle Hospitality, finding them in contempt of an order to account for fraudulently obtained covid aid.

18 November 2021

Delaware’s Judge Sontchi to serve in Singapore

Judge Christopher Sontchi has announced his intention to step down from the Delaware bankruptcy bench and take up a position as a judge of the Singapore International Commercial Court.

15 November 2021

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