Regional news: China
Cayman letter of request seeks help with admitted fraud
The Grand Court of the Cayman Islands has asked a counterpart in Hong Kong to recognise a pair of “full power” joint provisional liquidators from R&H Restructuring, as they investigate a fraud admitted by a Chinese car parts trader’s CEO.
20 September 2021
China’s Evergrande brings in advisers amid default risk
Chinese property developer Evergrande Group has hired Houlihan Lokey and Admiralty Harbour Capital to help with liquidity issues that could lead to a default on its US$300 billion debt pile.
14 September 2021
Singapore appeal court weighs in on when to grant relief from JM decisions
Shareholders of a leather furniture manufacturer who sought to overturn the sale of its business a year ago on the basis that its judicial managers should have approved a different investment offer, have failed to persuade the Singapore Court of Appeal.
10 September 2021
Bermudian coal group escapes immediate Hong Kong winding up
Hong Kong’s Mr Justice Harris has refused to immediately wind up a Bermuda-incorporated coal group, finding the “obvious” place for a potential liquidation would be Bermuda.
03 September 2021
BVI company looking to block winding up loses Hong Kong appeal
A minority shareholding in a Hong Kong company can suffice to wind up a foreign entity in the jurisdiction, even if the underlying assets are in mainland China, Hong Kong’s Court of Appeal has found, denying a BVI entity’s appeal for an injunction against its banks.
26 August 2021
Petitioner substitution rejected in Grand Peace’s Hong Kong winding up
A creditor of Bermuda-incorporated Grand Peace Group Holdings has lost his bid to be substituted as petitioner in its winding-up proceedings to address a jurisdictional question, after a Hong Kong court found he was unable to show a “discernible and real benefit” from his application.
24 August 2021
“Business as usual” as Hong Kong names new bankruptcy chief
After over a decade leading the companies and bankruptcy list in Hong Kong’s High Court, Mr Justice Harris has been named as president of the territory’s Competition Tribunal.
23 August 2021
Arrium lenders lose landmark case in Australia
Three international banks and a New York-based investor have lost their claims against the former directors of collapsed Australian miner Arrium, following a landmark ruling in the Supreme Court of New South Wales.
17 August 2021
“Elusive” Chinese national’s bankruptcy recognised in the UK
The Hong Kong bankruptcy of a Chinese mother and shareholder in the Fortune Fountain investment group has been recognised in the UK as foreign main proceedings – despite the judge admitting “it’s quite unclear where she is” and that service of the proceedings had been fraught with difficulties.
11 August 2021
Chinese bank aims debt claim at Inter Milan president
A Hong Kong branch of China Construction Bank has sued the president of Italian football club Inter Milan, seeking more than US$250 million in outstanding debts held by Chinese retail conglomerate Suning.
06 August 2021
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