Regional news: Asia-Pacific

Thai Airways’ bankruptcy recognised in Australia

An Australian court has recognised Thai Airways’ rehabilitation proceedings – the first Thai bankruptcy to be recognised in the jurisdiction – while another recognition application is also pending in Japan.

09 September 2020

Hong Kong court urges consistency in recognition requests

A Hong Kong court has recognised the Bermudian “soft-touch” provisional liquidations of a metals company and a commodities trader, but has asked for consistency from foreign officeholders and courts seeking assistance.

08 September 2020

First times for Virgin in courts

In Virgin Australia's insolvency, a federal court has issued the first ruling on an administrator’s obligation to “give possession” under the Cape Town Convention, as creditors approved its sale to Bain Capital; meanwhile, Virgin Atlantic received the first Chapter 15 recognition of a new English restructuring plan.

04 September 2020

One in, one out for Latham in Hong Kong

Latham & Watkins has hired Andrew Bishop as a partner in Hong Kong, but partner Gary Hamp has left the firm for Shearman & Sterling and returned to London.

04 September 2020

Retired judge to mediate Thai bankruptcy dispute in grocer’s Chapter 11

Retired Delaware judge Kevin Carey has been appointed to mediate in Thai-owned gourmet retailer Dean & DeLuca’s Chapter 11 proceedings, following creditor allegations the US bankruptcy was only filed to benefit its parent’s reorganisation in Thailand.

04 September 2020

Singapore’s Swee Hong wins creditor approval for scheme

Creditors of Singapore-headquartered civil engineering contractor Swee Hong have given the green-light to its scheme of arrangement, six months after a court approved rescue financing for the company with super-priority status.

03 September 2020

Creditors approve ED&F Man’s UK scheme

International commodity trader ED&F Man has secured unanimous backing for its UK scheme of arrangement during two creditors’ meetings.

02 September 2020

Wirecard sells assets in UK, Brazil and Germany

Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.

01 September 2020

Singapore appeal court reverses Indonesian recognition

Singapore’s Court of Appeal has set aside the recognition of four Indonesian personal bankruptcies, finding the bankruptcy orders were made in “breach of natural justice”.

28 August 2020

Herbert Smith Freehills hires restructuring specialist in Sydney

The legal director of the Australian Restructuring Insolvency & Turnaround Association, Natasha McHattan, has joined Herbert Smith Freehills as special counsel in Sydney.

27 August 2020

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