Regional news: Asia-Pacific

Hong Kong judge applies Peking Founder findings in new keepwell deed dispute

Hong Kong’s Mr Justice Harris has applied his “momentous” findings in Peking Founder’s keepwell deed dispute to a new claim against Chinese semiconductor maker Tsinghua Unigroup, ruling again that deed disputes should be adjudicated in Hong Kong after confirming with a local expert that resulting judgments can be placed as evidence before a mainland court.

27 May 2022

Australian court fires out first judgment under new anti-phoenixing law

A court in Australia has made the first ruling invoking anti-phoenixing laws introduced two years ago, in a case where a translation company’s assets were sold to an entity controlled by its sole director’s sister, minutes before a resolution to wind it up.

27 May 2022

Hong Kong investor seeks winding up of Cayman-registered debt trader

An investor in a Hong Kong fund is seeking to wind up two of its portfolios in the Cayman Islands, after it failed to redeem almost US$4 million of shares.

26 May 2022

French-Bermudian JV's creditors agree to Chinese restructuring

Creditors of a joint venture between Bermuda-registered car manufacture Brilliance Auto and France’s Renault have approved the formation of a committee to oversee a restructuring in China.

25 May 2022

Singapore court clarifies pre-IRDA third party funding rules

An insolvent Singaporean real estate developer has secured an order declaring that a funding arrangement entered by its liquidator to pursue a claim does not violate rules against champerty or maintenance.

23 May 2022

Hong Kong billionaire declared bankrupt as court rejects “absurd” duress and abuse claims

A Hong Kong court has declared prominent local billionaire Pan Sutong bankrupt and wound up a company he controls, finding their claims of duress, breaches of mainland Chinese law and abuse of process against the Chinese state-owned petitioner rang “hollow” and were “practically moonshine”.

20 May 2022

Luckin Coffee JPLs: “Trust and transparency was key”

Alvarez & Marsal’s Tiffany Wong and Alex Lawson tell GRR about the challenges they faced as Chinese coffee chain Luckin Coffee’s joint provisional liquidators, how they got the complex restructuring over the line and why ESG considerations are not yet having a huge influence in the restructuring space.

19 May 2022

Liquidators of BVI funds linked to 1MDB win recognition in Florida

The joint liquidators of three 1MDB-linked British Virgin Islands funds have secured recognition of their appointments in Miami, pledging to obtain discovery in the US to help with their recovery efforts.

18 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

Chinese liquor group wound up in Cayman Islands

Conyers has come off record as counsel for Chinese liquor distributor Silver Base Group on the same day that a Cayman court wound it up, finding its joint provisional liquidators’ latest report “does not make good reading” for the company.

16 May 2022

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