Regional news: Asia-Pacific

Another letter of request sent to mainland as HK adopts new arrangement

Despite a “problematic” summons, the Hong Kong liquidator of an eco-friendly kitchenware manufacturer has secured a local court’s permission to seek recognition in mainland China – as Hong Kong prepares to adopt a new arrangement for mutual enforcement of judgments with the mainland next year.

28 November 2023

Founder Group liquidators win appeal to wind up Singaporean metals trader

The Hong Kong liquidators of a Peking University Founder Group subsidiary have won an appeal to wind up another affiliate in the group after a Singaporean court found the company’s attempt to resist the winding up petition was “clearly an abuse of process.”

28 November 2023

Babel secures Singaporean scheme meeting

Cryptocurrency lender and asset management group Babel has secured a single creditor meeting for a scheme of arrangement that will pool all claims against separate group entities, after a Singaporean court dismissed an objection by a creditor who said it should be in a separate class.

27 November 2023

GenesisCare Chapter 11 plan confirmed in Texas

Global cancer care and radiotherapy specialist GenesisCare has secured confirmation of a Chapter 11 plan in Texas to shave off US$1.7 billion from its US$2 billion debt pile.

27 November 2023

Pharma holdings group secures scheme sanction in Hong Kong

Pharmaceutical investment holding company Pa Shun International has secured approval of a scheme of arrangement through the Hong Kong courts to restructure HK$180 million in bonds and unsecured loans, including claims governed by PRC law.

23 November 2023

Crypto exchange Atom converts Singapore IJM to liquidation

A Singaporean court has wound up two subsidiaries of the crypto exchange Atom, upholding a “novel argument” that empowering a liquidator to conduct enhanced investigations for the benefit of unsecured creditors satisfied the just and equitable requirement for a winding up.

22 November 2023

Former Gilbert + Tobin restructuring head goes it alone

The former head of Australian firm Gilbert + Tobin’s restructuring practice has launched his own boutique in Sydney.

21 November 2023

“Law in this area is evolving quite rapidly”: Sunac secures Ch15 recognition

Sunac China Holdings has become the first Hong Kong-based holding company of a group operating in mainland China to secure recognition of a Hong Kong scheme in New York.

15 November 2023

China Aoyuan to seek creditor approval for Cayman, BVI and HK schemes

Cayman Islands-incorporated China Aoyuan Group has become the latest Chinese real estate developer to try and restructure its offshore debt, filing scheme proceedings in the Cayman Islands, British Virgin Islands and Hong Kong to deal with US$6.25 billion of obligations.

14 November 2023

Swiss trustee recognised in Australia as hotel booking platform plans to sue rival

The trustee of a defunct Swiss hotel booking platform has secured recognition in Australia to pursue a lawsuit against its former business partner Trivago, months after it sued its parent, Expedia, in the US.

14 November 2023

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