26 June, 2016
Winsway has an establishment in Hong Kong, and the US Bankruptcy Court granted ancillary relief giving full force and effect to the HK scheme (including the third party releases dealing with guarantee liability) in the US.
Whilst the Court granted recognition of the HK scheme prior to sanction, it declined to grant the ancillary relief prior to the sanction of the schemes by the HK and BVI courts.
Before granting the ancillary relief, the US Court wanted to know whether objections were made in the BVI or HK to sanction, and what creditors' appellate rights were.
In the event, sanction in both jurisdictions was unopposed and the ancillary relief sought from the US Court was granted soon after sanction.
This matter was run out of the London and Hong Kong offices of Stephenson Harwood, with lawyers from the Stephenson Harwood (Singapore) Alliance and Chinese associated firm Wei Tu providing support on Singaporean and PRC issues.
Sue and Jamie were supported by a large team including:
- in London: Libby Elliott, James Watson, Stephen Davis and Nicole Schaillee;
- in Hong Kong: Mark Reed, Paul Westover, Eloise Fardon, Rosy Chan and Veronica So; and
- in Singapore: Elaine Beh, Terence Seah and Douglas Koh.
Walkers advised Winsway on BVI aspects of the restructuring.
