Regional news: Asia-Pacific
Gunned down in Australia: the peak indebtedness rule and set-off defence
In two historic decisions concerning unfair preferences, the Australian High Court has found that a creditor cannot set-off a liquidator’s claim against it, and upheld the abolishment of the “peak indebtedness rule” while establishing when liquidators should start calculating preference payments in a running account.
21 February 2023
Singapore scheme dependent on English damages award “fell short” of moratoria test
A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.
10 February 2023
ABI, Caribbean: Cayman practitioners regret Hong Kong’s “shift away from cooperation”
Insolvency advisers in the Cayman Islands have taken aim at what they say is a recent trend of “protectionist” Hong Kong court rulings at the American Bankruptcy Institute’s Caribbean Insolvency Symposium.
08 February 2023
Insolvency Law Academy dedicates mediation centre in honour of late minister
The think tank founded by former INSOL International president Sumant Batra has named two Indian judges as emeritus fellows, and dedicated a new mediation centre to another late luminary in the insolvency space.
08 February 2023
KPMG partner joins EY in Sydney
EY has recruited a partner for its turnaround and restructuring strategy team who acted as a liquidator to multinational investment manager Halifax Investment Services: a case that marked a world first for cooperation between courts in Australia and New Zealand.
08 February 2023
ILA, New Delhi: inaugural event credits Indian Bankruptcy Code for economic growth
India’s economic growth and the refinement of the country’s Insolvency and Bankruptcy Code are not mutually exclusive, a crowd of leading Indian and international practitioners and scholars heard this week at the inaugural conference of the Insolvency Law Academy – a not-for-profit organisation set up by former INSOL International president Sumant Batra.
07 February 2023
Former Oon & Bazul restructuring co-head joins NRF alliance firm
Singapore-based restructuring partner Meiyen Tan has joined Norton Rose Fulbright’s local alliance firm Ascendant Legal, leading her former firm, Oon & Bazul, to elevate partner Keith Han to sole head of its restructuring practice.
06 February 2023
Cryptocurrency in insolvency: is it property and to whom does it belong?
While acknowledging the limited regulatory guidance currently in place, managing partner Kyle Broadhurst and Richard Parrish from Cayman boutique Broadhurst provide a brief overview on how at least seven different jurisdictions are approaching the treatment of crypto assets in insolvency.
06 February 2023
Hong Kong’s Harris talks Gibbs, Modern Land and Model Law
Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.
01 February 2023
Malaysia’s Sapura Energy obtains recognition in Singapore
Three subsidiaries of Malaysian oil and gas services company Sapura Energy have secured Singaporean recognition of their ongoing restructuring proceedings following a flurry of winding up petitions filed against the group last year.
01 February 2023