Regional news: Asia-Pacific
Appleby and Sidley secure “key precedent” in Cayman winding up dispute
In a first-of-its-kind decision, a Cayman court has dismissed a winding up petition brought against a Chinese real estate developer by an ultimate beneficial holder of its New York law-governed notes, which it said had failed to obtain the authorisation required under the notes’ indenture.
28 April 2023
Singapore court extends Babel’s worldwide moratorium and anonymises creditor names
Cash-strapped cryptocurrency lender and asset management group Babel Finance has secured an extension to a Singaporean moratorium it obtained last month, as well as permission to keep the names of its creditors confidential.
27 April 2023
III-UNCITRAL, New York: “seeking perfection is a fantasy”
On the fifth anniversary of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments, lawyers, judges and academics from around the world discussed gaps that can be plugged by the new law and whether the UK will ever override the “questionable and outdated” Gibbs rule.
26 April 2023
Middle Eastern healthcare group facing Cayman winding up
Dentons is advising Dubai-based private equity firm Regulus Capital as it seeks to wind up Middle Eastern healthcare services provider Avivo Group in the Cayman Islands.
20 April 2023
Chinese property group faces New York suit over “highly suspicious” missed payments
A group of offshore bondholders advised by Kobre & Kim has filed a claim against Chinese real estate developer Glory Health Industry in New York, claiming it has missed several payments on its senior notes since last July.
19 April 2023
English scheme meetings approved for Dutch shipping group
UPDATED: Dutch shipping group Vroon has secured court approval to hold two meetings for creditors to vote on an English scheme that forms part of a wider restructuring including a WHOA plan and Singaporean recognition, but its shareholders said they will oppose the proposals.
19 April 2023
Milbank hires fund specialist in Singapore
Former Clifford Chance partner Nicholas Dunstone has joined Milbank in Singapore after spending over a decade at an asset management firm he launched in Hong Kong after the global financial crisis.
14 April 2023
Singaporean liquidator ousted as court clarifies meaning of “creditor”
The liquidator of a Singaporean holding company with interests in an Indonesian coal miner has been removed from office and replaced with a team from Quantuma, after the Singapore High Court found he failed to exercise “sufficient vigour” in carrying out his duties.
12 April 2023
Another creditor group forming for Evergrande restructuring
White & Case is forming a group of offshore debt holders affected by Chinese real estate giant Evergrande’s recently announced restructuring proposal, with plans to hold a conference call later this week.
10 April 2023
Sidley hires in Texas as global push continues
Weeks after recruiting London-based Kieran Sharma from global investment firm Strategic Value Partners, Sidley has added a new partner in Texas who it says will help grow its company-side practice worldwide.
07 April 2023