Regional news: China

Luckin Coffee wins New York recognition but objections remain

China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.

24 March 2021

HNA seeks investors amid Chinese restructuring proceedings

Chinese conglomerate HNA Group is looking for investors in its aviation and retail businesses, after a Hainan court consolidated the restructuring proceedings of over 300 companies in the group.

22 March 2021

Hong Kong court blocks Spanish cosmetics maker’s winding-up petition

A Spanish cosmetics manufacturer has been prevented from bringing a winding-up petition against a Chinese partner company, after a Hong Kong court found there was evidence of a “genuine and serious” cross-claim following separate arbitration awards last year.

16 March 2021

BVI liquidators secure novel Hong Kong ruling

The BVI liquidators of a company connected to an insolvent mainland Chinese university group have secured recognition in Hong Kong, allowing them to file potentially novel proceedings in the jurisdiction – while the demise of a pioneering cinema chain has sparked fears for Hong Kong’s real economy.

11 March 2021

Global menswear retailer seeks light touch restructuring in Bermuda

Hong Kong-listed premium menswear retailer Trinity has applied to appoint light touch joint provisional liquidators in Bermuda, three months after Standard Chartered Bank filed winding up petitions against it.

10 March 2021

Hong Kong liquidators denied share delisting review

The liquidators of a Cayman sanitary ware company have failed to secure a judicial review of its share delisting in Hong Kong, which came despite it pursuing a scheme of arrangement.

02 March 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

Community roundup: Quantuma, Duff & Phelps, Roland Berger, FTI Consulting, Consignum and CTF Consultancy

Quantuma and Duff & Phelps have hired in London, while Germany’s Roland Berger and Consignum have expanded across the country, and FTI Consulting has promoted a new head of corporate finance and restructuring in Asia: meanwhile, a new Norway/UK boutique has opened in Oslo.

12 February 2021

Investment company secures parallel Hong Kong and Cayman schemes

Hong Kong and Cayman Islands courts have sanctioned parallel schemes of arrangement for an investment holding company, finding the Gibbs rule did not prevent it from restructuring Macau law-governed debt.

09 February 2021

Stay claims in the US so Luckin Coffee can restructure in Cayman, court told

Having already secured Hong Kong recognition, the provisional liquidators of China’s Luckin Coffee have asked a New York court to stave off shareholder actions in the US while they restructure the group’s holding company through a pair of Cayman schemes, to deal with revelations it falsely inflated its accounts last year.

08 February 2021

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