Regional news: Hong Kong

Cayman court winds up Chinese menswear retailer after misconduct claims

Chinese menswear retailer Evergreen International has been wound up in the Cayman Islands after a court found it had failed to offer “even the outline of a restructuring proposal” despite hiring advisers in April last year.

17 January 2022

Mainland court recognises Hong Kong liquidators for first time

The liquidators of a Hong Kong-incorporated paper company have secured the historic recognition of their appointments in mainland China following a first-of-its kind ruling by the Shenzhen Intermediate People’s Court.

14 January 2022

Eversheds advising as HSBC chases defaulting Chinese developer

HSBC is seeking to recover millions of dollars from struggling Chinese property developer Fantasia Holdings after accusing it of defaulting under the terms of an interest rates swap agreement.

11 January 2022

Promotions round-up: new year, new partners

Jones Day, Norton Rose Fulbright, Hughes Hubbard & Reed and Harneys have made partner promotions around the world, while Davis Polk & Wardwell has named a new counsel and Cole Schotz has announced new members in North America.

11 January 2022

Evergrande committee to work with creditors, Kaisa hires Sidley

China’s Evergrande said its recently formed risk management committee “will actively engage” with creditors to deal with its current problems, while fellow struggling property group Kaisa has hired Sidley Austin and Houlihan Lokey after defaulting on a series of notes.

22 December 2021

“Momentous” decision issued on HK-PRC comity in keepwell deed dispute

In a judgment described as “undoubtedly the most important cross-border insolvency decision” issued by the Hong Kong courts in a generation, Mr Justice Harris has recognised the Beijing administrators of Peking University’s corporate arm but limited a local stay so the issuers and guarantors of bonds backed by English law-governed keepwell deeds can have their rights determined before him.

17 December 2021

US court approves Luckin Coffee restructuring

China’s Luckin Coffee has secured approval of its scheme of arrangement in the Cayman Islands and a New York court has given the restructuring full force and effect in the US.

17 December 2021

Cayman textile and petroleum company liquidated in Hong Kong

A Hong Kong court has wound up a Cayman Islands-incorporated oil and textiles company after no less than six adjournments, finding that its proposed Cayman scheme of arrangement was unfeasible.

13 December 2021

Bankrupt only has self to blame for Hong Kong COMI ruling, English court says

An English court has recognised a set of personal bankruptcy proceedings in Hong Kong under the Cross Border Insolvency Regulations, finding the contesting bankrupt had “only himself to blame” for a ruling that his centre of main interests wasn’t in the UK.

10 December 2021

Evergrande in default as Cayman insolvency filing looms

Credit rating agency Fitch has declared Chinese property group Evergrande’s foreign bonds in default after it missed interest payments earlier this week – while a German investor says it will file an insolvency application against the group’s holding company in the Cayman Islands in the next few days.

09 December 2021

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