Regional news: Singapore

3AC liquidators obtain provisional relief in US and Singapore

The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have obtained provisional relief in the US and Singapore, as they establish a creditors committee for the liquidation.

20 July 2022

Another Chinese developer defaults on offshore debt, applies for JPLs in Bermuda

Chinese property developer Skyfame Realty has applied to appoint light touch provisional liquidators in Bermuda, claiming it is facing “unprecedented liquidity pressure” after trying unsuccessfully to extend its offshore debt.

15 July 2022

KPMG restructuring head joins FTI Consulting in Singapore

The head of KPMG’s restructuring practice in Singapore has joined FTI Consulting as a senior managing director, telling GRR his new firm’s platform will allow him to extend his reach beyond the Singapore market and avoid conflicts of interest.

13 July 2022

Lenders take control of Lycra with advice from Linklaters

Linklaters has helped junior creditors take full equity control of US stretchy fibre maker Lycra from defaulting Chinese fashion conglomerate Shandong Ruyi, in a transaction across Asia, the Netherlands, London and the US, which the firm described as “one of the most high profile and complex enforcement and restructurings implemented in the market in recent years”.

12 July 2022

3AC liquidators seek emergency relief against “uncooperative” founders

The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have sought emergency provisional relief in the US to protect its assets from its “uncooperative” founders, who are rumoured to have fled Singapore and to be selling property worth “tens of millions of dollars”.

11 July 2022

Asset manager brings New York fraud suit against crypto lender Celsius

A former investment manager for struggling crypto lender Celsius Network has accused it of leveraging customer deposits to manipulate markets and failing to institute basic accounting controls, causing it to freeze customer assets last month.

08 July 2022

GRR Live returns to Singapore in August!

GRR is finally returning to Asia in August for the third edition of GRR Live Singapore after a nearly two-year hiatus owing to the covid-19 pandemic.

07 July 2022

Australia recognises Russian personal bankruptcy

The foreign representative of a bankrupt Russian entrepreneur has successfully obtained recognition in Australia under the Model Law; meanwhile a Singaporean bankruptcy trustee has received assistance from an Australian court under a local bankruptcy statute, despite the bankrupt’s attempts to stall the application with claims of conspiracy, a faulty laptop and a sore throat.

01 July 2022

Eagle Hospitality's Ch11 denied recognition in Singapore

A Singapore court has declined to recognise a real estate investment trust’s Chapter 11 restructuring under the local implementation of the UNCITRAL Model Law, finding the law only applies to corporate entities and does not extend to a collective investment scheme.

24 June 2022

Furniture maker’s JM extended to stop rescue reversal in China

The judicial managers of a leather furniture manufacturer that was rescued in 2020 have failed to persuade a Singaporean court it should now be wound up to prevent its shareholders from undoing the rescue in China.

14 June 2022

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