Regional news: Asia-Pacific

Hodlnaut enters liquidation as crypto liabilities held to be “debts” under IRDA

Distressed crypto lender Hodlnaut has entered liquidation in Singapore at the request of its interim judicial managers and against at least two of its directors’ wishes, after creditors refused to back a restructuring plan.

13 November 2023

Singapore liquidators restrained as court sets out its powers in Wirecard-related case

The liquidators of a Singaporean fintech company should be restrained from dealing with money allegedly obtained as proceeds from criminal offences relating to the German Wirecard Group, a local court has ruled, setting out its power to grant assistance in foreign criminal matters where it clashes with insolvency legislation.

06 November 2023

Sunac Ch15 recognition delayed as court seeks COMI clarity

A New York judge has asked representatives of Chinese real estate developer Sunac’s holding company to provide more evidence to show its centre of main interests is in Hong Kong and not mainland China, delaying a decision on whether to recognise its Hong Kong scheme.

02 November 2023

GRR Live, Restructuring in Asia: Fireside chat with Madam Justice Linda Chan

In a fireside chat with Hong Kong’s Official Receiver Phyllis McKenna, the Hong Kong High Court's Madam Justice Linda Chan advocated adopting the UNCITRAL Model Law and heralded the potential impact of a new arrangement with Mainland China due next year, for the mutual enforcement of civil and commercial judgments.

01 November 2023

Aubit International wound up after failed RO in Cayman

Digital asset manager Aubit International has been wound up in the Cayman Islands with an FTI Consulting duo appointed as liquidators, weeks after the Grand Court declined its petition to appoint restructuring officers.

27 October 2023

Host of Toronto firms advise as major real estate project calls in receivers

Alvarez & Marsal has been appointed as receiver over a skyscraper project in Toronto after its developer defaulted on C$1.24 billion in loans from a Korean asset manager while its owners are engaged in “material disputes”.

26 October 2023

INSOL International, Tokyo: Judges on restructuring without borders – protectionism vs universalism

Where did the Gibbs rule come from? How have certain courts allowed parties to get around it? And what are the sticking points for obtaining recognition of foreign restructuring or insolvency judgments in jurisdictions like Hong Kong and the US? An illustrious panel of international judges gave attendees at INSOL’s Tokyo conference their insights – and a brief history lesson.

26 October 2023

Swedish electric trucker’s UK subsidiary calls in Linklaters, Hilco and Alvarez

Linklaters and Hilco are advising a trio from Alvarez & Marsal as administrators of Swedish electric vehicle maker Volta Trucks’ UK subsidiary, which collapsed last week as its parent entered insolvency in Sweden.

23 October 2023

Solvent liquidation recognised in Singapore on appeal

A company’s solvency is not a relevant consideration for recognition under Singapore’s version of the UNCITRAL Model Law, according to the Lion City’s Court of Appeal, which has overturned a decision from April.

18 October 2023

Struggling Malaysian engineering company faces arbitrations in Singapore

A joint venture between Shell and the Brunei government has filed two arbitration claims in Singapore against a Malaysian engineering contractor undergoing a US$3 billion debt restructuring.

17 October 2023

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