Regional news: Asia-Pacific

BVI court denies derivative claim for stay of Hong Kong liquidation

A court in the British Virgin Islands has declined to grant shareholders of a locally-incorporated company leave to bring derivative proceedings in Hong Kong, for the purpose of stopping what they claim is the “improper and unlawful” liquidation of a subsidiary.

17 August 2016

Irish courts will hear Quinn asset-stripping allegations despite parallel case in India

The Supreme Court of Ireland has declined to stay local proceedings against a Dubai-registered company accused of helping to put assets of the family of former billionaire Seán Quinn beyond the reach of liquidators – despite arguments that a parallel case has already been commenced in India.

16 August 2016

The III arrives in Asia

Increasing creditor participation in typically debtor-friendly Japan; new out-of-court workout rule rules in China and Korea; and Singapore’s recently announced ambition to become an international debt restructuring hub were all topics of discussion when the International Insolvency Institute (III) hosted its first-ever conference in Asia in June.

15 August 2016

European lobby group issues model clauses for cross-border recognition of "bail-in"

A European lobbying group for financial markets has issued a set of model clauses to help banks apply the BRRD to cross-border liabilities; meanwhile, Singapore’s central bank opened two new consultations and the UK has updated a 1930 statute regarding rights against insurers in insolvencies.

11 August 2016

Davis Polk advises as Dutch e-commerce company sells Brazilian subsidiary

Netherlands-headquartered e-commerce company Cnova has entered into a binding reorganisation agreement to sell its major Brazilian subsidiary to an affiliated local retail group, with Davis Polk & Wardwell advising the buyer.

10 August 2016

Dutch court recognises Indian proceedings for the first time

A Netherlands court has for the first time recognised insolvency proceedings pending in India, bringing a Dutch insolvency practitioner a step closer to pursuing a claim against the Indian debtor.

09 August 2016

KPMG appointed to manage Swiber oil group after liquidation plan scrapped

A Singapore court has appointed interim judicial managers from KPMG to administer the restructuring of global oil and gas group Swiber, after management changed course on a recovery plan.

08 August 2016

UK Supreme Court clarifies when constructive trust may arise in wine case

The UK Supreme Court has clarified the circumstances in which a constructive trust may arise in insolvency, overruling earlier case law and rejecting arguments from an Australian winemaker that its former agent in the UK should have placed money owed to it in trust as soon as its insolvency was imminent.

05 August 2016

The man who's done it all: an interview with Dr Shinjiro Takagi

Widely regarded as the father of Japan’s modern insolvency and restructuring laws, Dr Shinjiro Takagi has been a lawyer, a judge, an academic and an adviser to a multimillion-pound corporation. Now, at 80, he’s jetting off to pursue fresh professional interests with the law firm Morgan Lewis – outside of Japan.

01 August 2016

Miner’s Chapter 11 case dropped after Australian COMI ruling

A US bankruptcy court has dismissed Delaware-incorporated Legend International’s Chapter 11 case, after a Melbourne court ruled that the phosphate miner’s centre of main interests (COMI) was in Australia.

28 July 2016

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