Regional news: Asia-Pacific

Singapore court clarifies creditors’ rights amid writ of execution “confusion”

The Singapore Court of Appeal has clarified the “confusing” local law on how to register a valid writ of execution, ruling on the order of priority for competing judgment creditors’ claims arising from the seizure and sale of a local apartment.

15 October 2020

BVI court blocks receivers from replacing Japanese company’s directors

The receivers of a BVI investment company have been prevented from replacing the directors of its Japanese subsidiary, after a local court found a Singaporean investor could not apply on their behalf.

14 October 2020

Indonesian textile group wins US recognition

A New York court has recognised the reorganisation of a Java-based textile group, as part of a multinational restructuring that has seen proceedings play out in the US, Indonesia and Singapore.

13 October 2020

Hyflux receives expression of interest from US investor

A US private equity firm has made a US$150 million investment offer to embattled Singaporean water treatment company Hyflux, days before a judicial management application is set to be heard in the Lion City’s High Court.

13 October 2020

Altair Asia: Cayman court declines to follow Hong Kong ruling

In a rare example of judicial comity being sidelined in a cross-border insolvency, the Cayman Islands Grand Court has declined to follow an earlier ruling of the High Court of Hong Kong. Harneys partner Jessica Williams and associate Mark Burrows examine the case of Altair Asia.

13 October 2020

Australian court reinterprets Cape Town Convention ruling on appeal

Virgin Australia’s administrators may no longer have to fund the return of airline engines to their owner in the US, after a federal appeal panel weighed in on what it means to “give possession” under the Cape Town Convention.

12 October 2020

Kobre & Kim hires Walkers insolvency head in Hong Kong

Kobre & Kim has hired the head of Walkers’ insolvency and dispute resolution group in Hong Kong, a partner with credits in the Saad liquidation and the Winsway restructuring.

08 October 2020

MNC launches Singapore scheme as other Indonesian debtors follow lead

Jakarta-based conglomerate MNC Investema has launched a pre-packaged scheme in Singapore, months after it became the first Indonesian company to secure a moratorium in the city-state – and other Indonesian companies have already followed suit.

07 October 2020

Hogan Lovells adds new partners in Singapore and Paris

Hogan Lovells has hired a new restructuring partner in Singapore from K&L Gates, and welcomed back a former member of its Paris employment practice with restructuring experience.

06 October 2020

Kirkland & Ellis promotes in US, Europe and Asia

Kirkland & Ellis has promoted 13 new restructuring and debt finance partners across the US and in Munich, London and Hong Kong.

02 October 2020

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