Regional news: Asia-Pacific

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

Australian court recognises pilot’s Hong Kong bankruptcy in tricky COMI case

An Australian court has recognised the Hong Kong bankruptcy estate of an airline pilot, despite expressing concerns over the determination of his centre of main interests.

12 August 2020

New Asian-European restructuring boutique launched

A former Baker McKenzie and Deloitte practitioner has co-founded a new cross-border restructuring boutique focused on special situations and transactions in Switzerland, China and Singapore.

12 August 2020

Baoshang bankruptcy a “compliance wake-up call” in China

China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.

12 August 2020

Duff & Phelps recruits Australian insolvency pioneer to Sydney practice

Advisory firm Duff & Phelps has recruited one of Australia’s most experienced restructuring and insolvency practitioners for its new Sydney office.

07 August 2020

Hong Kong appellate court restates requirements for winding-up foreign companies

The Hong Kong Court of Appeal has upheld a lower court’s refusal to block the winding-up of a mainland Chinese conglomerate – but overturned its ruling on the requirements for winding-up foreign companies.

07 August 2020

“Undesirable outcome”: Cayman court dismisses winding-up petition despite Hong Kong order

A Cayman Islands court has dismissed a winding-up petition against a locally incorporated investment manager, despite a Hong Kong court issuing a winding-up order against the guarantor of the company’s debt.

06 August 2020

“Light-touch” JPLs appointed over Chinese fertiliser group in three jurisdictions

Courts in the Cayman Islands, Bermuda and the British Virgin Islands have appointed “light touch” joint provisional liquidators over Chinese fertiliser company Century Sunshine Group.

05 August 2020

Skadden, Akin Gump and Milbank advising as Noble enters Chapter 11

London-headquartered offshore drilling contractor Noble Corporation has filed Chapter 11 proceedings in Texas, after entering a US$3.4 billion restructuring agreement with two ad hoc groups of its bondholders.

03 August 2020

DLA Piper expands Hong Kong restructuring practice

DLA Piper has hired Matthew Worth as a partner in its Hong Kong restructuring practice, two days after it added a new partner in Melbourne.

31 July 2020

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