Regional news: Asia-Pacific

Singapore court halts winding-up application, sends dispute to arbitration

The Supreme Court of Singapore has restrained a fuel company from filing a winding-up application against a contractee, ruling that it was an unsuitable means of chasing debt where a prima facie case exists for sending the matter to arbitration.

07 October 2016

Down Under DIY chain’s winding-up postponed for arbitration

Australia’s highest court has stayed winding-up proceedings for an Australasian home improvement business, allowing an arbitrator to resolve a shareholders dispute between its Australian and US owners.

06 October 2016

Pacific Andes files in US as Singapore court puts end to global moratorium

Global industrial fishing group Pacific Andes has dropped its Singaporean scheme and filed for Chapter 11 in the US after a Singapore court declined to extend a global moratorium for the company and its subsidiaries, leading creditors to file winding-up petitions in Bermuda and the BVI.

30 September 2016

Arbitral panel rethinks Tanzanian award after being “misled” about liquidation

An arbitral tribunal has reconsidered a ruling against a Tanzanian state entity, after finding it had been misled into thinking there was a realistic prospect that a local power project would be wound up by a liquidator.

28 September 2016

A golden age for China’s bankruptcy law?

Year-on-year drops in economic growth and a ballooning debt bubble have placed China in a debt-to-GDP “danger zone”, similar to Japan in the late 1980s, and the UK and US ahead of 2008. With a banking crisis potentially on the horizon, the International Insolvency Institute (III) gathered a selection of speakers from around the world to examine the challenges facing China and its trading partners in this new era.

02 September 2016

US court maintains putative class action over defunct bitcoin exchange

A US district court has rejected a Japanese bank’s motion to dismiss a putative class action lawsuit alleging that it unjustly profited while managing an account for the now-bankrupt Japanese bitcoin exchange Mt Gox – once the world’s largest such exchange.

31 August 2016

Regulatory round-up: India seeks to tackle NPLs as New Zealand ponders stricter rules for insolvency practitioners

In recent weeks the Indian government has legislated for a sharp rise in its banking sector’s non-performing debt, and New Zealand has opened a public consultation to tighten up regulations for insolvency practitioners. Meanwhile, Australia has released a revised timeframe for its forthcoming insolvency reforms.

30 August 2016

Creditors to vote on Primorsk’s liquidation plan following ship sale

A New York bankruptcy court has given a green light to Cyprus-registered shipping company Primorsk International to begin canvassing votes on a liquidation plan, after restructuring negotiations with senior lenders broke down earlier this year.

26 August 2016

China Fishery's state-owned lenders object to Chapter 11 trustee

Chinese state-owned lenders to the bankrupt industrial fishing conglomerate China Fishery Group have filed a string of objections in a US court, after an international consortium of financiers moved to appoint a Chapter 11 trustee.

24 August 2016

Duff & Phelps moves London head to Hong Kong, recruits in New York

Advisory firm Duff & Phelps has relocated one of its London leaders to Hong Kong following predictions of an increase in defaults in the Asia region, while its New York office has hired a new managing director from Deloitte.

24 August 2016

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