Regional news: Asia-Pacific

Swiss airline group seeks convening hearing for English restructuring plan

In a case that will examine whether the Lugano Convention's bankruptcy exemption applies to the new English restructuring plan, lawyers acting for Swiss airline services provider gategroup have applied to convene a meeting for a single class of creditors, telling the High Court they had to forum shop because “we can’t do this anywhere else”.

03 February 2021

Winding-up injunction requirements clarified in Hong Kong

Hong Kong’s Mr Justice Harris has clarified the test that courts will apply when considering whether to block a winding-up petition, emphasising that debtors must show the petition is an abuse of process to prevent it.

03 February 2021

Pacific International Lines secures creditor backing for unique scheme

Creditors of Southeast Asia’s largest shipping liner, Pacific International Lines, have approved an unusual scheme that the company’s lawyers say was negotiated outside Singapore’s typical moratorium process to avoid another Hanjin blowout.

02 February 2021

Maples hires in Hong Kong and Cayman Islands, promotes in London

The former head of Freshfields’ Asia restructuring practice and an English-qualified barrister have joined Maples Group as partners in Hong Kong and the Cayman Islands, while the firm has also promoted in London.

02 February 2021

Singapore schemes sanctioned in new firsts for Asiatravel.com and MNC

Online travel agency Asiatravel.com has secured a Singapore scheme alongside an unprecedented second round of rescue financing, while Trump partner MNC Investema has become the first Indonesian company to implement a pre-packaged scheme in the city-state.

01 February 2021

Allen & Overy’s China joint operation opens in Beijing with Fangda team

Allen & Overy’s Chinese associate firm Lang Yue has opened a new office in Beijing with the hire of a Fangda Partners team led by Melody Wang, who was creditors’ counsel in the first mainland Chinese liquidation to be recognised in Hong Kong.

01 February 2021

Russian bank’s liquidator circumvents hurdles to execute English judgment in the BVI

The liquidator of a defunct Russian bank that has been trying to claw back assets from its founder, has secured recognition of an English court’s judgment in the British Virgin Islands against a trio of hurdles – bringing him a step closer to accessing property held in a New Zealand trust.

28 January 2021

“No excuse” for failing to provide information, Hong Kong court tells mainland businesses

A mainland Chinese bank has secured a Hong Kong winding-up order against a real estate group that failed to justify before Mr Justice Harris why the order should be adjourned pending a restructuring: meanwhile a Hong Kong-based investment holding company is seeking liquidation in the Cayman Islands.

26 January 2021

First pre-pack scheme approved under Singapore’s IRDA

Malaysian video streaming service iflix has secured the first pre-packaged scheme under Singapore’s Insolvency, Restructuring and Dissolution Act, with Stephenson Harwood affiliate Virtus Law and DHC Capital advising.

25 January 2021

Speedcast Chapter 11 sale approved in Texas

Australian satellite communications group Speedcast has won a Texan court’s approval for a Chapter 11 sale plan after reaching a creditor settlement that allows it to potentially file for voluntary administration in Australia.

22 January 2021

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