Regional news: Asia-Pacific

Offshore provisional liquidators not entitled to general stay, Hong Kong court rules

A Hong Kong court has clarified that offshore provisional liquidators are not entitled to a general stay of local proceedings following a standard recognition order, in a ruling that has “punctured a long-standing myth” according to one barrister.

20 November 2020

Alvarez & Marsal, Mayer Brown and Chapman Tripp announce promotions

Mayer Brown has promoted partners in London and Singapore, while Alvarez & Marsal has appointed a new restructuring co-head in North America and New Zealand firm Chapman Tripp has announced a new special counsel.

20 November 2020

Hong Kong court addresses “difficulties” posed by offshore company structures

A Hong Kong court has adjourned a winding-up petition against a Cayman-incorporated juice company hoping to restructure in the Chinese mainland, as the petitioner failed to show it could realise the value of the company’s listing in Hong Kong.

19 November 2020

Santander snaps up Wirecard payments platform, with A&O advising

Allen & Overy is advising Santander on its acquisition of Wirecard’s core technology assets, the latest in a series of firesales at the collapsed German payments firm that is facing over €12 billion worth of claims.

19 November 2020

Hong Kong miner’s winding-up hearing adjourned amid share dispute

A Hong Kong court has adjourned a winding-up petition against an international mining company for a second time, raising concerns over shareholders’ attempts to convert an equity contribution into a debt claim.

17 November 2020

KrisEnergy to call Singapore scheme meeting

Cayman-incorporated oil and gas company KrisEnergy has won a Singapore court’s permission to convene a creditors’ meeting on local a scheme of arrangement, which will be overseen by AJ Capital Advisory as managers.

17 November 2020

Hong Kong court allows provisional liquidators to seek first mainland recognition

A Hong Kong court has given the provisional liquidators of a local investment manager permission to seek recognition in mainland China, anticipating a mutual protocol between the jurisdictions as Shenzhen judges raise the possibility of granting foreign recognition for the first time.

16 November 2020

Borrelli Walsh appointed as Hyflux enters judicial management

After a two-and-a-half year restructuring saga, struggling Singaporean utility Hyflux has been placed into judicial management with immediate effect.

16 November 2020

New Zealand court agrees to consider Chinese judgment's enforcement

A New Zealand judge has dismissed arguments that Chinese courts are not “true” courts, allowing a power station operator to proceed with enforcing a Chinese judgment debt locally.

13 November 2020

Southeast Asia’s largest ship owner launches Singapore scheme

WongPartnership, Allen & Gledhill and Drew & Napier are all taking roles in a pre-arranged restructuring via a Singaporean scheme of arrangement for global shipping company Pacific International Lines.

13 November 2020

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