Regional news: Asia-Pacific
India's foreign lawyer rule change offers “significant opportunities” in restructuring space
Lawyers in India and further afield tell GRR the country’s decision to open its legal market to foreign law firms and practitioners will present opportunities in the restructuring space and will prove to be a “boon” for India’s insolvency industry.
20 March 2023
Former Baccarat owner fails to annul Hong Kong bankruptcy
The former owner of French luxury crystal manufacturer Baccarat has been rebuked by a Hong Kong court for failing to comply with a bankruptcy order and offering “incredible” explanations for her conduct.
14 March 2023
Norton Rose Fulbright adds from Clifford Chance in Japan
Norton Rose Fulbright has added a new partner in Tokyo from Clifford Chance, allowing the firm to offer Japanese law advice for the first time.
01 March 2023
3AC liquidators obtain extra-territorial summoning order for fund’s directors
Crypto hedge fund Three Arrows Capital’s liquidators have secured what is thought to be the first extra-territorial summoning order from a British Virgin Islands courts for the private examination of the fund’s truant directors.
01 March 2023
One is better than three: Singapore court rejects JM appointments
An international logistics group’s founder and creditor have failed to persuade a Singapore court to appoint judicial managers on top of receivers allegedly acting in the interests of its bondholders, after the court found it was hard to see the advantage in having three sets of insolvency professionals instead of one.
24 February 2023
Foreign banks and investors accused of “aiding” FTX fraud in Miami suit
An FTX customer has launched a class-action in Florida against several prominent US and foreign entities – including Singapore’s state-owned wealth fund Temasek Holdings and Japan’s Softbank – who he accuses of “aiding and abetting” the collapsed crypto group’s alleged US$8 billion Ponzi scheme.
23 February 2023
Gunned down in Australia: the peak indebtedness rule and set-off defence
In two historic decisions concerning unfair preferences, the Australian High Court has found that a creditor cannot set-off a liquidator’s claim against it, and upheld the abolishment of the “peak indebtedness rule” while establishing when liquidators should start calculating preference payments in a running account.
21 February 2023
Singapore scheme dependent on English damages award “fell short” of moratoria test
A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.
10 February 2023
ABI, Caribbean: Cayman practitioners regret Hong Kong’s “shift away from cooperation”
Insolvency advisers in the Cayman Islands have taken aim at what they say is a recent trend of “protectionist” Hong Kong court rulings at the American Bankruptcy Institute’s Caribbean Insolvency Symposium.
08 February 2023
Insolvency Law Academy dedicates mediation centre in honour of late minister
The think tank founded by former INSOL International president Sumant Batra has named two Indian judges as emeritus fellows, and dedicated a new mediation centre to another late luminary in the insolvency space.
08 February 2023