Regional news: Singapore
NewOcean wound up in Hong Kong as Bermuda liquidation appealed
Asian oil and gas group NewOcean Energy has been wound up in Hong Kong, two weeks after creditor bank HSBC won an appeal to have it placed into liquidation in Bermuda.
12 August 2022
Crypto bank Nuri files insolvency proceedings in Germany
As the “crypto winter” continues, a German crypto-focused digital banking platform has entered insolvency proceedings before a Berlin court, while crypto exchange CoinFlex has announced it is seeking to restructure in the Seychelles.
11 August 2022
Voyager accused of operating “massive” Ponzi scheme in Miami suit
Collapsed crypto network Voyager was a “house of cards, built on false promises and factually impossible representations," according to a class action complaint against US billionaire Mark Cuban and his Dallas Mavericks basketball team, who are accused of encouraging investment in the platform.
11 August 2022
Former KPMG restructuring head accused of “commercially underhand behaviour”
Herbert Smith Freehills has hit back at claims by KPMG’s former restructuring leader for South East Asia that it acted in breach of contract by providing confidential information about his financial affairs to the Big Four firm.
10 August 2022
Morgan Lewis advising Singapore-based food company with debt restructuring
An investor that is set to acquire a majority shareholding in a struggling Singaporean restaurant operator does not need to make a mandatory offer for the company, after a local regulator waived the obligation while the company pursues a restructuring scheme.
08 August 2022
Chinese energy group wound up in Bermuda
Hong Kong-listed gas group NewOcean Energy has been wound up in Bermuda, less than a year after it appointed soft touch provisional liquidators to help restructure its debts following the collapse of Singaporean oil trader Hin Leong.
05 August 2022
Crypto Lender Vauld secures three-month moratorium in Singapore
Singapore-headquartered cryptocurrency lender Vauld has won a three-month moratorium in the Lion City, blocking potential winding up actions and other proceedings against its parent company while it negotiates a sale.
03 August 2022
Singaporean crypto platform Zipmex taps Morgan Lewis Stamford for moratoria
Digital assets group Zipmex has filed moratorium applications in Singapore for five of its international entities a week after it paused customer withdrawals, saying they would give it “the breathing space and time it requires” to restructure its debts.
01 August 2022
Three Arrows Capital JLs obtain Chapter 15 recognition in New York
The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have obtained Chapter 15 recognition in New York, with the court allowing certain secured creditors to enforce their debts.
29 July 2022
“Winter is coming and it’s starting with crypto”: NY lawyers react to month of turmoil
With the market reeling after crypto firms Three Arrows Capital, Voyager Digital and Celsius all sought bankruptcy protection in New York earlier this month, local lawyers compare the disarray to the collapse of Lehman Brothers, discuss the many novel legal issues that need to be resolved in the first Chapter 11 cases and predict crypto debtors will struggle to survive without completing M&A deals.
22 July 2022