Regional news: China

Chinese good faith obligation is not a bar to Hong Kong winding-up

A Hong Kong court has dismissed arguments it should hold off winding up a local note guarantor on the basis that a debt restructuring agreement was being worked out for the notes “in good faith” in Mainland China.

09 September 2020

Hong Kong court urges consistency in recognition requests

A Hong Kong court has recognised the Bermudian “soft-touch” provisional liquidations of a metals company and a commodities trader, but has asked for consistency from foreign officeholders and courts seeking assistance.

08 September 2020

BVI court refuses to discharge freezing order against Chinese cinema owner

A British Virgin Islands court has refused to set aside a freezing order against the Chinese owner of insolvent cinema group SMI Holdings, addressing a recent appeal decision on Chabra injunctions.

18 August 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

New Asian-European restructuring boutique launched

A former Baker McKenzie and Deloitte practitioner has co-founded a new cross-border restructuring boutique focused on special situations and transactions in Switzerland, China and Singapore.

12 August 2020

Baoshang bankruptcy a “compliance wake-up call” in China

China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.

12 August 2020

Hong Kong appellate court restates requirements for winding-up foreign companies

The Hong Kong Court of Appeal has upheld a lower court’s refusal to block the winding-up of a mainland Chinese conglomerate – but overturned its ruling on the requirements for winding-up foreign companies.

07 August 2020

“Light-touch” JPLs appointed over Chinese fertiliser group in three jurisdictions

Courts in the Cayman Islands, Bermuda and the British Virgin Islands have appointed “light touch” joint provisional liquidators over Chinese fertiliser company Century Sunshine Group.

05 August 2020

RHTLaw advising as Hiap Seng Engineering files for JM in Singapore

Singapore-listed oil and gas services company Hiap Seng Engineering and one of its subsidiaries have filed separate applications for judicial management in the city-state, with RHTLaw advising.

29 July 2020

Paper company seeks Hong Kong recognition of Bermudian light-touch JPLs

A Bermudian court has appointed light-touch provisional liquidators over a locally incorporated paper company and asked a Hong Kong court for assistance, amid a potential investigation into auditing issues at the company.

27 July 2020

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