Regional news: Hong Kong

Pacific Andes wins Ch11 plan confirmations

Two groups of companies that sit within industrial fishing conglomerate Pacific Andes have secured Chapter 11 plan confirmations in New York, after agreeing to remove third-party releases.

17 February 2022

Hong Kong trustees secure cross-border relief in London

The foreign representatives of a bankrupt Hong Kong businessman have secured an order under the UNCITRAL Model Law entrusting them with the realisation of his assets in the UK.

15 February 2022

Mourant hires from Campbells in Hong Kong

Mourant has hired a disputes and insolvency partner for its litigation team in Hong Kong from offshore rival Campbells.

10 February 2022

Kirkland partner joins new trustee services group in Hong Kong

Serica Trust & Agency, a debt and transactions services provider launched in Hong Kong last year by former Kirkland & Ellis restructuring lawyer Louise Coffey, has hired from the firm again.

09 February 2022

Hong Kong liquidators obtain pre-recognition discovery relief in Miami

A Hong Kong headquartered, British Virgin Islands-incorporated company’s provisional liquidators have obtained emergency relief in the US to conduct discovery on a property it used to own in Miami, which they allege has been wrongfully transferred at least three times in the last three years.

08 February 2022

China Aoyuan sells assets in Canada

Defaulting real estate developer China Aoyuan has agreed to sell some of its properties in Canada to repay loan facilities, while Evergrande says it aims to come up with a restructuring plan in the next six months.

27 January 2022

Second mainland recognition request issued in Hong Kong

The liquidators of a Hong Kong-incorporated hydropower group have applied for recognition in mainland China, a month after a Shenzhen court's historic recognition of Samson Paper Company’s Hong Kong liquidators.

24 January 2022

Linklaters advising as another Chinese developer heads for default

Cayman Islands-incorporated property group China Aoyuan has said it is set to default on all its offshore debt, while Evergrande has announced plans to bring in Zhong Lun Law Firm to help with its high-profile restructuring efforts.

21 January 2022

Evergrande’s offshore bondholders threaten enforcement action

An ad hoc group of Evergrande’s offshore bondholders have brought in Harneys to advise on potential enforcement action after claiming they have had “no substantive engagement” with the Chinese property group despite repeated assurances.

20 January 2022

Alvarez & Marsal hires new bank restructuring co-head from AlixPartners

AlixPartners’ head of distressed financial services has joined Alvarez & Marsal to co-lead its European bank restructuring practice in London, while the firm has also made nine promotions in its restructuring group around the world.

20 January 2022

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