Regional news: Asia-Pacific

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

Bakrie Telecom can’t enforce Indonesian restructuring in US

Indonesian telecoms company Bakrie Telecom has secured Chapter 15 recognition of its Jakarta PKPU proceedings – but a New York court has declined to enforce its restructuring plan that contains third-party releases.

19 April 2021

Furniture group shareholders fail to overturn Singapore judicial management sale

A Singaporean court has clarified the definition of unfair prejudice to shareholders under local law, refusing to void the sale of a global furniture group’s assets by its judicial managers despite shareholders favouring a rival bid.

19 April 2021

Cryptocurrency is property, rules Canadian court

In the first Canadian case of its kind, cryptocurrency has been recognised as “property” under the country’s Business and Insolvency Act.

14 April 2021

Who can further delay adjourned meetings? Australian court weighs in

UPDATED: A court in Western Australia has issued its reasons for allowing creditors to decide whether a Congolese-Australian miner’s delayed second meeting may be adjourned again, in the face of competing deed of company arrangement proposals from interested parties.

14 April 2021

Australia’s highest court will now hear Cape Town Convention question

Australia’s highest court will now consider what it means to “give possession” under the Cape Town Convention, having granted an application for special leave to appeal a dispute over who should pay for the return of jet engines leased by Virgin Airlines.

13 April 2021

MoFo advising as Wirecard seeks US recognition

The German administrator of scandal-hit payment processor Wirecard has asked a Pennsylvania court to recognise its Munich-based insolvency and to block securities litigation pending in the US.

12 April 2021

Creditor meetings bypassed for Cayman health company’s Hong Kong liquidation

A Hong Kong court has appointed liquidators over a Cayman healthcare company accused of fraud, after dispensing with creditor meetings and rejecting opposition from contributories.

09 April 2021

Interim recognition in Australia for Greensill Bank administrator

Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.

07 April 2021

Hogan Lovells leads on €4.5 billion restructuring of French hotel operator

A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.

07 April 2021

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