Regional news: Asia-Pacific

Creditor meetings bypassed for Cayman health company’s Hong Kong liquidation

A Hong Kong court has appointed liquidators over a Cayman healthcare company accused of fraud, after dispensing with creditor meetings and rejecting opposition from contributories.

09 April 2021

Interim recognition in Australia for Greensill Bank administrator

Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.

07 April 2021

Hogan Lovells leads on €4.5 billion restructuring of French hotel operator

A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.

07 April 2021

New Zealand’s insolvent trading laws under fire in Mainzeal appeal decision

Directors of New Zealand construction company Mainzeal, including a former prime minister, have failed to escape liability for breaches of their duties before its collapse, despite an appeal court overturning a compensation award for reckless trading.

07 April 2021

Greensill enters provisional liquidation in Singapore

Greensill’s Asia arm has entered provisional liquidation in Singapore, following the finance group’s UK and Australian administration proceedings, German insolvency filing and US Chapter 11.

30 March 2021

Singaporean hotel group fights Chapter 11 dismissal motion

Hotel portfolio owner Eagle Hospitality Trust is battling to prevent a Delaware court from dismissing Chapter 11 cases filed by its Singaporean affiliates, while part of the group has entered liquidation in Singapore.

30 March 2021

ABLI & INSOL: Is Singapore a good alternative for Indonesian companies?

Lawyers from Singapore and Indonesia compared the pros and cons of their jurisdictions for international restructurings featuring Indonesian companies, at a webinar organised by the Asian Business Law Institute and INSOL International.

30 March 2021

English court sanctions gategroup restructuring plan

Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland.

26 March 2021

Greensill files Chapter 11 in New York, fails to secure interim DIP order

One day after a US unit of collapsed finance group Greensill filed for Chapter 11 protection, a New York court has adjourned a first-day hearing to approve interim debtor-in-possession financing after raising issues with “awfully expensive” exit fees.

26 March 2021

Luckin Coffee wins New York recognition but objections remain

China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.

24 March 2021

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