Regional news: China

Creditors approve Peking Uni group’s restructuring

The corporate arm of Beijing’s Peking University has secured creditor approval for a restructuring proposal – but faces litigation in Hong Kong over bondholder claims its mainland administrators have refused to recognise.

09 June 2021

Cayman oil company’s parallel scheme unjustified, says Hong Kong court

Hong Kong’s Mr Justice Harris has sanctioned a scheme of arrangement for a Cayman-incorporated oil group, but found that a parallel Cayman scheme suggested by Harneys was unnecessary and reduced the money available for creditors.

08 June 2021

Listed companies under fire again over Hong Kong winding-up petitions

Hong Kong’s Mr Justice Harris has ruled that he will deal with all future adjournment applications by locally-listed companies facing winding-up petitions, after once again criticising their “generally unsatisfactory” responses to creditor actions.

04 June 2021

Parallel schemes unnecessary, says Hong Kong court

In another landmark ruling in Hong Kong, Mr Justice Harris has questioned the need for locally-listed foreign companies to implement parallel schemes of arrangement in their places of incorporation.

02 June 2021

Chinese oil company secures Cayman JPLs amid corruption probe

Practitioners from Grant Thornton have been appointed as Cayman joint provisional liquidators of a Chinese oil and gas company that defaulted on US$248 million of Singaporean notes, amid an investigation by Hong Kong anti-corruption authorities.

02 June 2021

Dutch footballer’s transfer denied protection in WHOA case

In what has been described as “the most important WHOA case so far”, a Dutch court has approved a restructuring expert and cooling-off period for football club ADO Den Haag, but refused to approve the sale of one of its players to another team.

26 May 2021

Hong Kong court again decries misuse of soft-touch JPLs

In the wake of three similar decisions in recent weeks, the High Court of Hong Kong has again reiterated its concerns about the potential misuse of offshore soft-touch provisional liquidations – singling out RSM and its legal advisers for criticism.

19 May 2021

Hong Kong and mainland agree cross-border insolvency arrangement

An historic cooperation arrangement for mutual recognition and assistance in insolvency proceedings has been implemented between courts in Hong Kong and mainland China – with local practitioners labelling the development a “game changer”.

14 May 2021

RSM under fire as Cayman soft-touch JPLs refused assistance in Hong Kong

In the first decision of its kind, a Hong Kong court has declined to assist an investment holding company’s Cayman soft-touch provisional liquidators despite recognising their appointments, citing concerns over the treatment of creditors.

12 May 2021

NautaDutilh advising as Dutch football club kicks off restructuring

Dutch football club ADO Den Haag has launched WHOA proceedings in the Netherlands, blaming its Chinese owner for failing to meet €2 million of loan obligations.

07 May 2021

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