Regional news: Asia-Pacific

KrisEnergy to call Singapore scheme meeting

Cayman-incorporated oil and gas company KrisEnergy has won a Singapore court’s permission to convene a creditors’ meeting on local a scheme of arrangement, which will be overseen by AJ Capital Advisory as managers.

17 November 2020

Hong Kong court allows provisional liquidators to seek first mainland recognition

A Hong Kong court has given the provisional liquidators of a local investment manager permission to seek recognition in mainland China, anticipating a mutual protocol between the jurisdictions as Shenzhen judges raise the possibility of granting foreign recognition for the first time.

16 November 2020

Borrelli Walsh appointed as Hyflux enters judicial management

After a two-and-a-half year restructuring saga, struggling Singaporean utility Hyflux has been placed into judicial management with immediate effect.

16 November 2020

New Zealand court agrees to consider Chinese judgment's enforcement

A New Zealand judge has dismissed arguments that Chinese courts are not “true” courts, allowing a power station operator to proceed with enforcing a Chinese judgment debt locally.

13 November 2020

Southeast Asia’s largest ship owner launches Singapore scheme

WongPartnership, Allen & Gledhill and Drew & Napier are all taking roles in a pre-arranged restructuring via a Singaporean scheme of arrangement for global shipping company Pacific International Lines.

13 November 2020

IMF Bentham co-founder launches new litigation funder in Australia

With demand for insolvency-related cases expected to grow, the co-founder of IMF Bentham and the former CEO of Australia and New Zealand-based Litigation Lending Services have joined forces to launch a new third-party funder.

11 November 2020

Asiatravel.com launches Singapore scheme and new rescue funding

Online travel agency Asiatravel.com is pursuing a scheme of arrangement in Singapore and a second round of super-priority rescue financing, after becoming the first Singaporean company to secure such funding last year.

11 November 2020

Swissport secures second convening hearing as unsecured group continues to circle

Chinese-owned aviation services group Swissport has secured a convening hearing for certain creditors to vote on its second English scheme in five months, while a dissatisfied group of senior unsecured noteholders has floated several objections.

10 November 2020

Chinese arbitration clause fails to save Pacific Andes affiliate from winding-up

A Hong Kong affiliate of the industrial fishing group Pacific Andes cannot rely on a Chinese arbitration clause to protect itself from winding-up proceedings because the clause was irrelevant to its debt, a court has found.

10 November 2020

Guernsey liquidators secure court’s “blessing” for Georgian oil group sale

A Guernsey court has approved the sale of an insolvent Georgian oil group, dismissing accusations that its liquidators sought to shed responsibility for a deal that did not benefit creditors.

09 November 2020

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