Regional news: Asia-Pacific

Major creditors of distressed Singaporean crypto lender Hodlnaut are seeking to place it into liquidation after rejecting a restructuring plan that would have left the company’s allegedly fraudulent directors in control.

17 January 2023

Shook Lin & Bok and KordaMentha are advising a Singaporean investment holding company that has applied for a moratorium amid a delayed restructuring with a Canadian group, a failed deal to sell some dental clinics, and letters of demand from a bank.

16 January 2023

After representing automotive supplier Marelli in the first-ever use of simplified rehabilitation proceedings to cram down minority creditors in Japan, Jones Day partner Chris Ahern and Mori Hamada & Matsumoto partner Dai Katagiri and senior associate Ryo Kawabata tell GRR why the company was well-suited to being a test case and discuss Japan's plans to enact new laws to tackle potential drawbacks highlighted by the case.

11 January 2023

Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.

09 January 2023

In what appears to be the first reported decision concerning section 204 of Singapore’s Insolvency, Restructuring and Dissolution Act, the Singapore High Court has ruled that courts have the power to confer an advantage on creditors who provide liquidators with funding and an indemnity to cover their investigations and asset recovery work.

05 January 2023

The foreign representatives of crypto fund Three Arrows Capital have secured permission to subpoena one of its co-founders via Twitter, after allegedly failing in repeated attempts to establish his whereabouts and obtain company information.

04 January 2023

A court in Hong Kong has released its reasons for sanctioning Hong Kong Airlines’ scheme, saying the company’s dual UK-Hong Kong restructuring should be effective in foreign jurisdictions despite a “remote risk” of enforcement action by mainland Chinese creditors.

03 January 2023

Just five days after its English restructuring plan was approved, Hong Kong Airlines has secured sanction of its Hong Kong scheme of arrangement, marking the first time that parallel English plan and Hong Kong scheme proceedings have been successfully used to restructure Hong Kong, PRC and English law-governed debts.

15 December 2022

Norton Rose Fulbright’s global co-head of restructuring Scott Atkins, the current president of INSOL international, is set to become the firm’s next global chair.

14 December 2022

Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.

13 December 2022