Regional news: Asia-Pacific

KrisEnergy settles after failing to block Cayman winding-up petition

An oil and gas group pursuing a Singaporean scheme, KrisEnergy, has reached a settlement with a creditor that brought a Cayman winding-up petition against its Thai subsidiary, after failing to secure an injunction on the petition.

30 November 2020

Dean & Deluca’s fifth Chapter 11 plan gets court approval

Thai-owned gourmet retailer Dean & DeLuca has won court approval for its several-times renegotiated Chapter 11 restructuring plan, after former bankruptcy Judge Kevin Carey helped it reach a mediated settlement with stakeholders.

30 November 2020

Thai bank fails to block English fraudulent transfer claim

An English court has refused to strike out a fraudulent transfers claim against a Thai bank, ruling there was a reasonable prospect the claim would be found to have a sufficient connection to England.

25 November 2020

Force India liquidators see off Austrian sponsor’s debt challenge

An English court has dismissed part of a proof of debt submitted in the liquidation of Force India, finding the Formula One team did not have to fully repay funds from its main sponsor.

24 November 2020

Bill Clinton at the ABI: “We need to get back into the tomorrow business”

Former US president Bill Clinton said the country’s federal government needs to provide at least one more round of “significant” investment to deal with the economic consequences of the covid-19 pandemic, as he addressed the American Bankruptcy Institute’s International Insolvency Forum.

20 November 2020

Offshore provisional liquidators not entitled to general stay, Hong Kong court rules

A Hong Kong court has clarified that offshore provisional liquidators are not entitled to a general stay of local proceedings following a standard recognition order, in a ruling that has “punctured a long-standing myth” according to one barrister.

20 November 2020

Alvarez & Marsal, Mayer Brown and Chapman Tripp announce promotions

Mayer Brown has promoted partners in London and Singapore, while Alvarez & Marsal has appointed a new restructuring co-head in North America and New Zealand firm Chapman Tripp has announced a new special counsel.

20 November 2020

Hong Kong court addresses “difficulties” posed by offshore company structures

A Hong Kong court has adjourned a winding-up petition against a Cayman-incorporated juice company hoping to restructure in the Chinese mainland, as the petitioner failed to show it could realise the value of the company’s listing in Hong Kong.

19 November 2020

Santander snaps up Wirecard payments platform, with A&O advising

Allen & Overy is advising Santander on its acquisition of Wirecard’s core technology assets, the latest in a series of firesales at the collapsed German payments firm that is facing over €12 billion worth of claims.

19 November 2020

Hong Kong miner’s winding-up hearing adjourned amid share dispute

A Hong Kong court has adjourned a winding-up petition against an international mining company for a second time, raising concerns over shareholders’ attempts to convert an equity contribution into a debt claim.

17 November 2020

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