10
Oct
When things go bad: Dealing with less-than-ideal debtor conduct
Creditors need to be on their toes in Asian restructurings. Reluctant debtors sometimes need to be encouraged to holistically restructure offshore debt. Others need to be reminded of a need for adequate disclosure, or for creative accounting practices or hidden liabilities to be properly investigated. And sometimes debtors simply can't be left in control of a business, its assets and/or the direction of a restructuring. But what can creditors realistically do when things go bad? Is litigation the answer or does it simply add to the angst (and costs)?
JL
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SpeakersAshley Bell Legal Analyst - Asia Pacific DEBTWIREMark Fairbairn Founder FAIRBAIRN & CO
Jason Lam Managing Director ARKKAN CAPITALJLJames Wood Barrister DENIS CHANG'S CHAMBERS
Meiyen Tan APAC Co-Head, Restructuring NORTON ROSE FULBRIGHT
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Prior to joining Debtwire, Ashley was a Partner at DLA Piper in Hong Kong with a practice focused on contentious cross-border restructuring and insolvency matters. Ashley regularly advised financial institutions, investors, debtors and insolvency practitioners in connection with a range of high-profile restructuring matters in Asia involving schemes of arrangement, contested winding-up proceedings, light-touch offshore proceedings, debtor-in-possession matters and cross-border recognition applications.
Mark is a Restructuring and Insolvency lawyer who has accomplished over three decades of experience leading some of the most pivotal engagements in China and elsewhere in Asia. Mark has been a partner at leading Hong Kong and International law firms and is recognised as one of the leading practitioners in the region. Mark has been a pioneer in the development of law and practice especially in relation to cross-border assignments and the compromise of public securities through schemes of arrangement. He is recognised as a Senior Statesman by Chambers and was previously ranked in Band 1 by both Chambers and The Legal 500.
Since 2022, Mark has been a sole practitioner and has continued to advise on high profile matters. From November 2024, Mark will join the Restructuring & Insolvency team of Linklaters in Hong Kong. Described by some as a “titan” of the profession, his ability to continue to lead prominent transactions is a testament to his reputation and his delivery of high-quality, technically strong legal services.
Over his career, Mark has advised the liquidators of Lehman Brothers in Hong Kong on novel schemes of arrangement to resolve complicated “waterfall” controversies; the managers and provisional liquidators of HIH Insurance; the main creditor of Legend International Resorts; the foreign bank creditors in the restructuring of SK Global in South Korea; the main creditor and officeholders of Jinro in Hong Kong, South Korea and Japan; the provisional liquidators in the restructuring of FuJi Foods in Hong Kong and the Cayman Islands, the Noteholders in the Blue Ocean scheme in Singapore; the officeholders in the restructuring of Luckin Coffee in China and the USA; the bank creditors in the restructuring and Chapter 11 of China Fisheries and most recently the creditors and liquidators of China Properties Group; the receivers of Shandong Ruyi (Lycra); certain Noteholders in the restructuring of Logan Property Group; and the holders of Bonds issued by Kaisa Group in China and listed on the Shenzhen Stock Exchange.
Mark’s extensive track record and technical innovation enables him to navigate complex financial restructurings and insolvency proceedings, providing clients with strategic leverage in challenging situations.
James Wood is an experienced barrister whose legal career in Hong Kong spans almost three decades. His association with Denis Chang’s Chambers goes back to 1993, when he served as a summer pupil in the chambers. Prior to switching to the Bar, James practised as solicitor at Freshfields, Goldman Sachs, O’Melveny & Myers and Lipman Karas (now in association with Mischon de Raya). He completed his pupillage with Russell Coleman SC (now Mr Justice Coleman) to transfer to the Bar. James specializes in restructuring and insolvency cases and related civil cases. In the past 12 months, he has been instructed in some of the largest, highest profile and most complex insolvency and restructuring cases in the market including China Evergrande Group, China Properties Group Limited, Goldin Financial Holdings Limited, Kaisa Group Holdings Ltd, Jiayuan International Group Limited and Logan Group Company Limited. James is a longstanding legal adviser to Government of Indonesia for public international law issues and cross-border asset recovery cases. James is recommended in both Chambers and Partners and Legal 500.
Meiyen Tan is a restructuring and insolvency lawyer based in Singapore, where she leads the practice. She is also a director at Ascendant Legal, a Singapore law firm in Formal Law Alliance with Norton Rose Fulbright. Meiyen has more than 20 years' experience specialising in restructuring and insolvency matters with particular emphasis on complex cross-border matters. She is also a leading fraud and asset tracing lawyer and regularly represents insolvency practitioners and other clients in claims involving fraud, breaches of directors and other fiduciary duties, and asset tracing.
Meiyen is a member of the Board of INSOL International being the first Singapore representative on the board in the 40 year history of INSOL International. She is also the Vice President of the Singapore chapter of the Turnaround Management Association.
Meiyen is ranked by the leading legal directories including Chambers and Partners, Benchmark Litigation, Asia Law Profiles, Who's Who Legal and Global Restructuring Review.”