Regional news: Asia-Pacific

Singapore schemes sanctioned for Malaysian restaurant operator and Australia-listed builder

A Singapore court has sanctioned a scheme of arrangement for a Malaysia-focused restaurant operator, and separately approved a scheme for an Australia-listed construction company.

29 June 2020

African Minerals secures scheme hearing in England

African Minerals, a Bermuda-registered mining company in administration in the UK, has won court approval to hold a scheme meeting to help it resolve a creditor conflict about whether it should pursue claims against a Chinese steel group.

29 June 2020

Noerr, Kirkland and Allen & Overy advising as Wirecard files for insolvency

German payment processor and DAX-listed company Wirecard has filed for insolvency in Munich, days after German authorities arrested its former CEO over allegations he presided over one of Europe’s largest ever accounting frauds.

26 June 2020

Hong Kong-listed Agritrade enters “light touch” administration in Bermuda

The Supreme Court of Bermuda has appointed “light touch” administrators over Hong Kong-listed commodity trader Agritrade Resources (ARL), and asked courts in Singapore and Hong Kong to recognise the decision.

18 June 2020

Pinsent Masons recruits new banking head from Norton Rose Fulbright in Dubai

Norton Rose Fulbright partner Matthew Escritt has joined Pinsent Masons as its regional head of banking in Dubai, as many of the UAE’s formal restructurings are set to be postponed until next year in light of the pandemic.

12 June 2020

Venezuela’s debt restructuring: predictable uncertainties – part 2

In the second part of his feature examining the “predictable uncertainties” in any eventual restructuring of Venezuela’s debt, Steven Kargman of Kargman Associates looks at the role China and Russia have to play as major bilateral creditors of Venezuela, and details the importance of oil price projections for any future debt sustainability analysis.

11 June 2020

Litigation funding in Hong Kong: don't ask me for approval, court says

A Hong Kong judge has held it is within the ordinary powers of a liquidator to enter into a third-party funding agreement without court approval, including where the arrangement assigns a portion of the litigation proceeds to the funder and not a chose in action.

09 June 2020

“There is nothing to fear”: Hong Kong court recognises second Mainland liquidation

A Hong Kong court has recognised a Mainland Chinese liquidation for the second time, and lawyers working on the case are calling for Mainland courts to reciprocate the practice.

05 June 2020

Hong Kong judge targets “unrealistic and unhelpful” Mainland business groups

A Hong Kong judge has criticised a Chinese cinema group that tried to restructure its debts in a “piecemeal” way in the Mainland without including its Hong Kong-listed holding company.

02 June 2020

Hyflux restructuring deal expires

A restructuring deal agreed by embattled Singaporean utility Hyflux and UAE-based investor Utico last year has now expired – but the parties are continuing to negotiate.

29 May 2020

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