Client Alert May 18, 2023
Pathways for Global Bondholders to Effectively Oppose Unjust UK Restructuring Plans
- Global bond issuers looking to restructure their debt have often turned to English courts, relying on debtor-friendly rules such as the ability to cram down creditors.
- Two recent English court decision, however, are improving prospects for global bondholders.
- Creditors who are willing to take swift and forceful action against even the biggest players can see the greatest chances of success.
Client Alert March 29, 2023
Global Creditors Can Successfully Fight Fraudulent Conveyance in Dubai
- As a key economic center in the region, the United Arab Emirates (UAE) is increasingly the place where many international creditors go as they pursue their debtor’s assets.
- However, some recalcitrant debtors may try to transfer their assets away to avoid payment in a fraudulent transfer.
- Our team explores what strategies are available in the UAE to restore a creditor’s interests.
Client Alert March 10, 2023
How International Creditors Can Crack Delaware's Notoriously Tough Trusts
- Debtor-friendly Delaware has strong asset protection laws that make it a destination of choice for global entities and individuals looking to hold their assets in a trust.
- This creates a headache for international creditors – recovering assets in a Delaware trust can seem like an insurmountable challenge.
- By adopting a creative, aggressive and multijurisdictional strategy, however, creditors can crack even Delaware’s notoriously tough trusts.
Client Alert December 14, 2022
Enforcing a Foreign Judgment in the UAE: New Opportunities
- The United Arab Emirates (UAE) is becoming increasingly friendly to global judgment creditors looking to enforce their judgments.
- Recent developments signal increased receptivity to fast-tracking recognition and enforcement through reciprocity.
- We survey the landscape and look at how the country can form a crucial part of a worldwide enforcement campaign.
Client Alert December 7, 2022
Enforcing Minority Shareholder Rights in Asia: A Comparative Guide to Just and Equitable Winding Up
- Minority shareholders have options to stand up to majority shareholders and directors, such as unfair prejudice claims or derivative actions.
- However, if these do not achieve the desired result, one more tool is available to exert pressure: a just and equitable winding up.
- We lay out how this tool can be applied in five key jurisdictions for corporate structures in Asia.
Client Alert August 31, 2022
Enforcing Minority Shareholder Rights in Asia: A Comparative Guide to Derivative Actions
- Minority shareholders may be surprised to learn that they have effective options when a director or other fiduciary has harmed the company.
- However, the situation may be complicated when structures cross borders, as many corporate structures in Asia do, including spreading offshore.
- Our Claim Monetization team explores how shareholders can deploy derivative actions in five key jurisdictions across Asia Pacific, the UK and the Caribbean as part of an effective cross-border strategy.
Client Alert July 26, 2022
PRC Continues to Open Up in Recognizing Foreign Claims
- A Chinese court recently recognized a commercial judgment issued by the English High Court in a landmark judgment.
- China has also made it easier for Hong Kong arbitrations to be recognized and enforced in China, as well as opening the door to interim measures.
- Our Claim Monetization team analyzes what these developments mean to foreign judgment and award creditors looking for opportunities in a historically tricky jurisdiction.
Client Alert July 26, 2022
Enforcing Minority Shareholder Rights in Asia: A Comparative Guide to Unfair Prejudice
- Minority shareholders may have certain remedies available when they feel their rights have been unfairly prejudiced by the majority.
- However, the situation may be complicated when structures cross borders – typical corporate structures in Asia may spread across offshore and other key regions.
- Our Claim Monetization team lays out the basic parameters of the tools open to minority shareholders across five key jurisdictions.
Client Alert June 14, 2022
Kobre & Kim Helps PRC Clients Enforce US $171M Award in BVI
- Many parties, especially those based in Asia Pacific, soon discover that a recalcitrant debtor can frustrate enforcement of a hard-won arbitration award.
- In cross-border enforcement campaigns, the debtor may throw up obscure legal challenges to cause delays and distraction.
- A recent Kobre & Kim victory demonstrates how, through quick and strategic action, these distractions can be defeated and pressure can be maintained on the debtor.
Client Alert March 28, 2022
Maximizing Recovery Against a Sanctioned Sovereign
- Prices of Russian and other sovereign debt are falling as their economies buckle, presenting both opportunities and challenges for investors.
- Enforcing the debt against sovereign entities is already difficult, more so when sanctions are involved.
- As our Claim Monetization & Dilution team explains, non-traditional strategies may go further in putting maximum pressure on sovereigns and maximizing returns.
Client Alert January 26, 2022
Looking to Enforce a PRC “Keepwell Agreement”? Look Outside the PRC
- Mainland China is undergoing a wave of credit defaults, and creditors should use every tool available to maximize recovery.
- Keepwell agreements, a promise by a PRC onshore parent company to maintain an offshore debt issuer’s solvency, is one option for overseas enforcement.
- Creditors can use them to launch a multijurisdictional recovery campaign to drive up pressure on the debtor and reach a near-term settlement.
Client Alert September 8, 2021
Maximizing Returns on Distressed Assets: China’s Real Estate Industry
- Offshore bondholders of distressed Chinese real estate companies often lack leverage in restructuring negotiations, with those companies’ assets located mostly in China.
- China Evergrande Group is just one of the many Chinese real estate companies teetering on default, with wide-ranging consequences.
- However, by taking deploying creative strategies and taking positions against competing stakeholders, activist bondholders can carve out a direct path to monetization.
Client Alert July 23, 2021
Using Arbitration to Stop a Winding Up
- When monetizing a claim against a debtor, the interplay between arbitration and insolvency is not only critical but also varies by jurisdiction.
- When considering a cross-border strategy, it is essential to understand how each jurisdiction interrelates with the others.
- Kobre & Kim’s global Claim Monetization and Dilution Team answers the critical questions on these intricacies for key jurisdictions in this comparative guide.
Client Alert May 8, 2019
To Catch a Debtor: Freezing the Money
- International creditors continue to face significant challenges when monetizing claims against debtors based in the People's Republic of China.
- Actions such as a standalone freezing injunction can be used in English common law jurisdictions to freeze assets that are held by innocent third parties.
- Injunctions and receiverships can be made without giving notice to the debtor, bestowing the "element of surprise."
Client Alert April 3, 2019
To Catch a Debtor: Finding the Money
- For international creditors, monetizing claims against debtors located in the People’s Republic of China has proven difficult.
- The first challenge is finding where the assets are, specifically via offshore discovery.
- Time is of the essence, and “freezing” the money is next.
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