Regional news: China
Swissport enters pre-pack administration as English court accepts COMI shift
AlixPartners directors have been appointed as administrators of Swissport’s Luxembourg-incorporated parent company, after the High Court in London accepted it had shifted its centre of main interests to England and Wales.
18 December 2020
Alvarez & Marsal hires senior director in China
Continuing its recent hiring spree in Asia, Alvarez & Marsal has hired Standard Chartered’s head of group special assets management in China and Taiwan.
15 December 2020
Century Sunshine’s Cayman JPLs secure Singapore recognition
BlackOak is advising the “light-touch” provisional liquidators of Chinese fertiliser company Century Sunshine Group, who have won recognition in Singapore to seek a restructuring of locally-listed notes.
15 December 2020
PwC appointed as Cayman court winds up Altair
A British Virgin Islands investor has secured the winding-up of Hong Kong-based investment manager Altair Asia in the Cayman Islands, five months after its first attempt to obtain an order was dismissed.
14 December 2020
Rock International scheme sanctioned in BVI and recognised in US
A Texas court has recognised a British Virgin Islands scheme of arrangement for special purpose vehicle Rock International Investments, a day after it was sanctioned.
14 December 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
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
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
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
Get unlimited access to all Global Restructuring Review content