Insights

• Investments from the Middle East into Mainland China are growing recently as many see increasing opportunities for returns.
• However, there are risks that may materialize if investors become embroiled in a global dispute with Chinese companies.
• Investors should consider ways to increase their leverage and expand their options, including by bringing disputes directly into China through Hong Kong.

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• 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.

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• Korean banks are holding an increasing amount of non-performing loans, putting their financial health at risk.
• For many with large portfolios exposed to cross-border unsecured debt and loans to high-yield borrowers, sale and write downs may not be optimal.
• A cross-border strategy to monetize their claims could offer a superior alternative.

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• It is commonly assumed that it is difficult and impractical to enforcement judgments in the United Arab Emirates.
• However, this is increasingly untrue – even when no bilateral enforcement treaty exists, creditors can obtain recognition of their common law judgments.
• A recent Kobre & Kim case shows how that can happen.

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• Many Chinese debt issuers are still undergoing a wave of defaults, putting offshore general unsecured creditors at risk.
• One way to secure substantial recovery is to enforce keepwell agreements, promises by a PRC onshore parent company to maintain a debt issuer’s liquidity and solvency.
• This can expand the range of enforcement targets, increasing creditors’ options and chances of success.

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• The Middle East is opening up to cross-border investors, creditors and claimants, as Saudi Arabia’s adoption of rules based on the UNCITRAL Model Law on Cross-Border Insolvency demonstrates.
• The openness is not limited to that country – the United Arab Emirates has also made strides that gives more tools for creditors considering a global enforcement campaign.
• We explain what these developments mean for creditors.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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