Regional news: Asia-Pacific

Valaris completes restructuring with UK administration

Two months after a Texas court confirmed its Chapter 11 plan, UK-incorporated offshore drilling contractor Valaris has completed a US$7.1 billion restructuring through a complementary pre-pack administration sale in the UK.

04 May 2021

Former Carey Olsen partner joins Conyers in Hong Kong

Offshore firm Conyers has added a new partner to its litigation and restructuring team from US private equity fund Delta Capital Partners.

30 April 2021

Pre-pack framework heralds next phase of India’s bankruptcy evolution

“Crisis creates an opportunity for reforms.” EY partner Pulkit Gupta and senior associate Utkarsh Goel discuss the flexibility of India’s new pre-pack framework, which they say could prove invaluable in helping to deal with an expected wave of covid-related distress in the coming months.

30 April 2021

Landlords for lunch: day one of Virgin Active’s contested sanction hearing

“If you’re not at the table, it’s because you’re lunch,” said Robin Dicker QC, counsel to landlords of gym chain Virgin Active, as he challenged the company’s CEO on why its UK restructuring plans purported to work for its shareholders more than its property lessors.

29 April 2021

Cayman winding-up petition struck out amid Hong Kong share dispute

A winding-up petition against a Beijing-based investment holding company has been struck out as an abuse of process by a Cayman Islands court, amid a dispute over a Hong Kong law-governed shareholder agreement.

29 April 2021

Lion Air leasing dispute falls foul of English service rule

An aircraft leasing group that is trying to sue Indonesian and Thai subsidiaries of Asia’s Lion Air in England should have sought permission for service out of the jurisdiction before applying for alternative service, a court has found, in a dispute playing out against parallel conciliation proceedings in France.

28 April 2021

Deloitte defeats Hong Kong breach of contract claim

The largest unsecured creditor of a California-based businessman has lost his bid to convince a Hong Kong court that Big Four firm Deloitte failed to ensure its employees acted with reasonable skill and care as bankruptcy trustees.

27 April 2021

Enyo hires from Eversheds following Greensill’s UK recognition

Just weeks after helping the German administrator of Greensill Bank secure recognition in the UK, Eversheds Sutherland partner Jamie Leader has left the firm for Enyo Law.

26 April 2021

Greensill’s Australian parent enters liquidation

Creditors of Greensill’s Australian parent company have voted to put it in liquidation, with some of the biggest name creditors like Credit Suisse, Softbank Vision Fund and the Association of German Banks being appointed to a committee of inspection.

22 April 2021

Greensill and Archegos losses lead to Credit Suisse class action

Credit Suisse is facing a proposed class action in New York over allegations it hid defects in its risk policies so it could extend excessive leverage to scandal-hit trade finance provider Greensill and family office Archegos Capital – exposing it to billions of dollars of losses.

20 April 2021

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