Regional news: Asia-Pacific

Australian voluntary administrators to serve claim on Harneys in BVI

In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.

23 February 2021

Malaysia Airlines scheme sanctioned with unanimous support

Malaysia Airlines has secured sanction of its English scheme after earning the unanimous backing of all applicable creditors, allowing the High Court to avoid deciding whether the scheme amounted to an “insolvency-related event” under the Cape Town Convention.

22 February 2021

Cape Town Convention: AirAsia X scheme is an “insolvency-related event”

In a first of its kind ruling, a Malaysian court has ruled that struggling budget carrier AirAsia X’s scheme is an “insolvency-related event” for the purposes of the Cape Town Convention’s aircraft protocol.

19 February 2021

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

KrisEnergy finalises restructuring in Singapore

Cayman-incorporated oil and gas company KrisEnergy has completed its restructuring in Singapore, two weeks after its scheme was sanctioned with amendments over the reach of a moratorium clause.

16 February 2021

Funder applies to wind-up Cayman client after Albanian bailiff seizes award

An Australian disputes funder has applied to wind up its Cayman oil company client after discovering that a US$12.6 million arbitral award it helped secure was sequestered by a bailiff in Albania.

15 February 2021

No guarantees: Tiger Resources Unpacked

Featured in Unpacked

GRR investigates how the Australian parent of a Congolese copper miner became the first company in the common law world to implement a guarantor’s scheme of arrangement, against a “well-funded, well-advised” opposing creditor and where restructuring in the Democratic Republic of the Congo or England was deemed possible, but impractical.

12 February 2021

Mallya granted expenses pending Indian banks’ petition

One-time billionaire Vijay Mallya has secured access to funds held by an English court office to pay for his living and legal costs while he fights a bankruptcy petition – but he has been denied cash for litigation in India.

12 February 2021

Community roundup: Quantuma, Duff & Phelps, Roland Berger, FTI Consulting, Consignum and CTF Consultancy

Quantuma and Duff & Phelps have hired in London, while Germany’s Roland Berger and Consignum have expanded across the country, and FTI Consulting has promoted a new head of corporate finance and restructuring in Asia: meanwhile, a new Norway/UK boutique has opened in Oslo.

12 February 2021

Class fracture as gategroup secures plan meetings

Swiss airline services provider gategroup has secured meetings for creditors to vote on its UK restructuring plan but the High Court has rejected its request to keep all the plan creditors in a single class.

11 February 2021

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