Regional news: Asia-Pacific
Zipmex secures scheme sanction as court permits “administrative convenience” class
Zipmex has become the first crypto platform to persuade a court to sanction a scheme restructuring its debts, having secured a landmark ruling in Singapore allowing it to exclude small retail creditors from voting on the scheme for “administrative convenience”.
06 April 2023
Singapore court denies recognition of solvent liquidation
The Cayman liquidators of a health and beauty products and software group have been denied recognition under the UNCITRAL Model Law in Singapore, on the grounds that the group is “hopelessly and irretrievably solvent”.
05 April 2023
RSAs for real estate groups: E-House and Evergrande enter new deals with creditors
Chinese real estate services group E-House has clinched a new deal with certain offshore noteholders after failing to consummate a Cayman scheme approved last November, on the same day that Evergrande entered restructuring support agreements with a key creditor group.
04 April 2023
Crypto assets are property, Hong Kong court affirms
Cryptocurrency is property and capable of being held on trust, a Hong Kong court has ruled, in a landmark decision that puts it on the same footing as courts in five other common law jurisdictions and the US.
03 April 2023
Rajah & Tann partners set up conflict resolution boutique in Singapore
Two former Rajah & Tann partners have quit the firm with eight colleagues to set up what they say is a “first-of-its-kind” boutique in the Lion City.
03 April 2023
Sidley and Linklaters take roles as Sunac strikes deal with creditors
Chinese real estate developer Sunac China Holdings has entered a restructuring support agreement with an ad hoc group of offshore creditors to deal with US$9 billion of debt.
29 March 2023
HSF launches Singapore disputes group with Morgan Lewis hires
The leader of Morgan Lewis’ Asia disputes group, who has credits on the Noble and Zipmex restructurings, is leaving the firm with three colleagues to launch a new litigation practice at Herbert Smith Freehills in Singapore.
28 March 2023
INSOL International, New Delhi: does Instagram make asset tracing easier?
Is the current class of unscrupulous businessmen and women worried more about likes than the law? At INSOL International’s first in-person event in India since the start of the covid pandemic, practitioners discussed cross-border asset tracing in India and whether discretion is a dying art among fraudsters.
27 March 2023
Evergrande finally unveils restructuring plan with support from ad-hoc group
Chinese real estate behemoth Evergrande has unveiled a long-awaited restructuring plan targeting offshore notes worth around US$19 billion, which has secured the support of an ad hoc group of creditors advised by Harneys and Kirkland & Ellis.
23 March 2023
Evergrande reaches deal with offshore bondholders
The Hong Kong High Court has adjourned a winding up petition against Chinese real estate giant Evergrande for the third time, after the group revealed it has reached a restructuring deal with its offshore bondholders.
20 March 2023