Scheme of arrangement
Singapore’s International Commercial Court gets new rules, as JM probe announced
Two months after former Delaware Chief Bankruptcy Judge Christopher Sontchi began his first term with Singapore’s International Commercial Court, it has announced new rules giving it greater powers and flexibility to hear cross-border insolvency cases – while Singapore’s second minster for law has also revealed a study into the judicial management tool to “unlock its full potential”.
22 September 2022
Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms
Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.
16 September 2022
Hong Kong court threatens property developer’s directors with costs of winding up petition
Directors of a Chinese property developer who opposed its winding up in Hong Kong on the basis of a vague restructuring proposal that never moved forward, may now face paying the costs of the petition after a highly critical court decision.
06 September 2022
Singapore court sanctions Hiap Seng scheme
Oil and gas engineering group Hiap Seng has had its scheme of arrangement sanctioned by a Singapore court, more than two years after the company was first placed in judicial management.
31 August 2022
Cinema chain Vue obtains new financing ahead of pre-pack
European cinema chain Vue International has received unanimous consent from its lenders for a new super priority loan facility it hopes will allow it to pursue a wider financial restructuring through a pre-packaged administration.
31 August 2022
Hong Kong court rebukes liquidators, deprives them of remuneration
A textiles group's liquidators and their counsel have been heavily rebuked by a Hong Kong court for forum shopping, breaches of their disclosure duties and for making “serious” misrepresentations to the Cayman court that appointed them.
26 August 2022
Nostrum scheme sanctioned in London
Kazakhstan-focused oil and gas group Nostrum has secured sanction of its English scheme, despite two Russian bank creditors being unable to vote due to sanctions imposed following the war in Ukraine.
26 August 2022
Houst’s UK restructuring plan: the shape of things to come for distressed SMEs?
McDermott Will & Emery partner Mark Fine and senior associate Nick Jupp discuss property manager Houst’s UK restructuring plan and say it may pave the way for more SMEs to use the new tool instead of company voluntary arrangements or administrations.
25 August 2022
GRR Live, Singapore: the hub, five years on
Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.
25 August 2022
Cross-border restructurings and the post-Brexit UK regime
Brexit threatened to make the UK a less competitive cross-border restructuring market, McDermott Will & Emery’s co-head of finance, restructuring and special situations Aymen Mahmoud in London and partner Darren Azman in New York write – but the accelerated enactment of the Corporate Insolvency and Governance Act during covid-19 has ensured English law will continue to be a key international player.
19 August 2022