Regional news: Hong Kong

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

Cayman fund wound up as receivers target affiliate’s Hong Kong shares

A Cayman court has issued a winding up order against a locally-incorporated investment fund, days after appointing receivers over some of its affiliate’s Hong Kong-listed shares.

17 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

China Fishery to launch UK restructuring plan

A Peruvian arm of industrial fishing conglomerate China Fishery Group is pursuing a UK restructuring plan to complete a creditor takeover, alongside a Chapter 11 plan and a Singaporean scheme of arrangement.

09 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

Third party arbitration funding granted super-priority in Singapore scheme

Funding provided by Omni Bridgeway to help a struggling commodity trader pursue an arbitration in Hong Kong has been granted super-priority status in the trader’s Singaporean scheme proceedings.

02 September 2021

Walkers expands in Hong Kong

Offshore firm Walkers has hired a former Mayer Brown partner in Hong Kong who has credits on the Lehman Brothers and MF Global liquidations and in the multijurisdictional bankruptcy of industrial fishing conglomerate China Fishery.

01 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

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