Regional news: Asia-Pacific

Ocean Tankers owners fail to remove Rajah & Tann

Rajah & Tann has successfully struck-down attempts by members of Singaporean billionaire Lim Oon Kuin’s family to have it removed as counsel to the judicial managers of  shipping company Ocean Tankers and oil trader Hin Leong.

25 February 2021

Takata trustee avoids service under the Hague Convention

The trustee of a compensation trust set up as part of Takata’s Chapter 11 plan has been allowed to serve an adversary proceeding on a Japanese insurance company’s US counsel, after a Delaware court found the costs of complying with the Hague Convention for service overseas would reduce funds available to victims of its faulty airbags.

25 February 2021

Freezing injunction? That ship sailed with recognition, court says

English courts might have jurisdiction in the strict sense to extend an interim freezing injunction after a debtor’s bankruptcy has been recognised in the UK – but to exercise that jurisdiction would set the UNCITRAL Model Law loose from its "insolvency moorings", a judge has found.

25 February 2021

Cayman avoidance order overturned against Canadian businessman

An avoidance order handing shares in a Canadian businessman’s companies to his Cayman bankruptcy trustee has been overturned by a Cayman appeal court, but litigation against his wife is set to continue.

25 February 2021

Director’s inaction is a breach of duty, Privy Council rules

In a “rare” case that warranted interference with the factual findings of lower courts, the UK Privy Council has ruled that a China-based director breached her fiduciary duties to a British Virgin Islands company when she failed to prevent the full repayment of a loan before it fell into liquidation.

23 February 2021

Indian IT company seeks reconsideration of dismissed Chapter 11

An Indian IT company has asked an Alabama court to reconsider the dismissal of its subsidiaries’ voluntary Chapter 11 proceedings, after international creditors argued the bankruptcy was filed in bad faith with no valid reorganisational purpose.

23 February 2021

Australian voluntary administrators to serve claim on Harneys in BVI

In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.

23 February 2021

Malaysia Airlines scheme sanctioned with unanimous support

Malaysia Airlines has secured sanction of its English scheme after earning the unanimous backing of all applicable creditors, allowing the High Court to avoid deciding whether the scheme amounted to an “insolvency-related event” under the Cape Town Convention.

22 February 2021

Cape Town Convention: AirAsia X scheme is an “insolvency-related event”

In a first of its kind ruling, a Malaysian court has ruled that struggling budget carrier AirAsia X’s scheme is an “insolvency-related event” for the purposes of the Cape Town Convention’s aircraft protocol.

19 February 2021

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

Get unlimited access to all Global Restructuring Review content