Regional news: Asia-Pacific
SICC’s “bold and significant” rule changes lauded by practitioners
As the Singapore International Commercial Court implements new rules to bolster its role in cross-border restructurings, local lawyers are bullish on the international insolvency work that will likely emerge from the reforms.
12 October 2022
Lawyers welcome review of Australia’s corporate insolvency regime
Updated: The Australian government has opened a review of the country’s corporate insolvency laws, which local lawyers say are “not fit for purpose” in light of the continuing impact of covid-19 and broader domestic and international economic conditions.
11 October 2022
Latham advising as Bang energy drink owner files Ch11 in Florida
The owner of US energy drink Bang is seeking bankruptcy protection in Miami to overhaul its distribution system and stay a host of litigation, including trademark infringement and false advertising claims from a rival company.
11 October 2022
Hong Kong Airlines launches dual Hong Kong-UK restructuring
Latham & Watkins, Walkers and Zhong Lun are advising Hong Kong Airlines on a Hong Kong scheme and UK restructuring plan, with parallel proceedings deemed necessary in light of concerns about the Hong Kong courts' attitude to the Gibbs rule.
07 October 2022
China’s E-House seeks US recognition of Cayman scheme
Struggling Chinese real estate services provider E-House (China) Enterprise is seeking Chapter 15 recognition of its Cayman scheme, which it recently amended to allow it to deal with notes held through sanctioned Russian banks.
04 October 2022
A&O restructuring co-head joins Linklaters in Hong Kong
Linklaters has hired the founder and co-head of Allen & Overy’s Asia Pacific restructuring practice, who worked on the restructurings of Caribbean mega-resort Baha Mar and commodities trader Noble Group.
03 October 2022
Bahraini bank lodges Arcapita appeal in US Second Circuit
The Bahrain Islamic Bank has filed an appeal against a host of decisions made in asset manager Arcapita’s decade-long Chapter 11 bankruptcy, claiming the US courts do not have jurisdiction over it.
29 September 2022
Endo's Ch11 recognised, stalling claims in UK and Australia
UK and Australian courts have recognised the Chapter 11 proceedings of a US affiliate of Irish-registered pharma group Endo, staying multiple claims brought against it in those jurisdictions by women who say they suffered as a result of its pelvic mesh products.
28 September 2022
Singapore’s International Commercial Court gets new rules, as JM probe announced
Two months after former Delaware Chief Bankruptcy Judge Christopher Sontchi began his first term with Singapore’s International Commercial Court, it has announced new rules giving it greater powers and flexibility to hear cross-border insolvency cases – while Singapore’s second minster for law has also revealed a study into the judicial management tool to “unlock its full potential”.
22 September 2022
III NextGen, Toronto: DIP roll-ups across jurisdictions
“You can’t put the toothpaste back in the tube.” Comparing the evolution of rescue financing in the US with Singapore, Spain and Italy, speakers at the International Insolvency Institute’s NextGen conference in Toronto discussed the controversial rise of roll-ups and noted lenders will not stop asking for them now they are used so frequently.
21 September 2022