Regional news: Hong Kong

Creditor found liable for trustees’ fees after bankruptcy order annulled in Hong Kong

A year after it issued a first-of-its-kind judgment overturning a personal bankruptcy order in the face of an exclusive jurisdiction clause, the Hong Kong Court of Appeal has allowed Chinese businessman Guy Kwok-Hung Lam to pursue the creditor that made him bankrupt for the fees incurred by his trustees.

26 September 2023

Evergrande scraps scheme meetings

Evergrande’s scheme meetings have been postponed indefinitely after the long-beleaguered Chinese property developer announced it needed to reassess the terms of its restructuring.

25 September 2023

Sunac seeks US recognition after Hong Kong scheme approval

Chinese real estate developer Sunac has sought Chapter 15 recognition in New York, one day after creditors voted to support a Hong Kong scheme dealing with US$9 billion of its offshore debt.

19 September 2023

HK court reaffirms COMI approach as ex-director challenges liquidators in the BVI

A Hong Kong court has granted interim relief to the local, COMI-appointed liquidators of China Properties Group against opposition from an ex-group director who claimed it would interfere with the jurisdiction of the courts in the British Virgin Islands, the place of incorporation of some of the group’s subsidiaries.

18 September 2023

Sunac creditors back offshore restructuring scheme

Creditors holding US$9 billion of struggling Chinese real estate developer Sunac’s offshore debt have voted to approve a Hong Kong scheme that will see them swap their claims for new notes, convertible bonds and equity.

18 September 2023

Latest developments in Hong Kong restructuring law

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15 September 2023

Singapore court approves priority status for liquidation funding creditors

A Hong Kong-based supplier and a Cayman Islands fund have secured an order in Singapore giving them priority over other creditors of an international commodities trader, after agreeing to finance the company’s liquidation.

11 September 2023

Ashurst loses partner to White & Case in Hong Kong

White & Case has expanded its operations in Hong Kong with the hire of Ashurst partner Sophie Lyall, who has experience across the Asia-Pacific region, including on the cross-border restructurings of beleaguered Chinese real estate groups China Fortune Land and E-House.

05 September 2023

Evergrande scheme meetings delayed as trading resumes

Embattled Chinese property developer Evergrande has adjourned meetings to vote on its four offshore schemes until next month, saying creditors need more time to consider its proposals after it resumed trading following a 17-month hiatus.

28 August 2023

Evergrande files momentous Ch15 petitions in New York

In what marks the largest US bankruptcy filing this year, struggling Chinese real estate giant Evergrande has sought Chapter 15 recognition of schemes it has launched in Hong Kong and the British Virgin Islands to deal with almost US$20 billion of New York law-governed debt.

17 August 2023

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