What are some of your team’s recent developments?

The Walkers Asia IDR team continues to focus on client service and standards, and we are really pleased to have promoted two of our team members from Senior Associate to Counsel (Gareth Murphy and Michaela Lam). We have also recently hired Partner Tom Pugh from Mayer Brown in Hong Kong who will be joining the Hong Kong team in September with a focus on the restructuring side of the practice.

On the litigation front, we have had a good year, with the first recognition of a PRC judgment in the BVI early last year, and subsequent enforcement proceedings, a number of ongoing creditor-side mandates including in relation to Luckin Coffee, and an ongoing large share-holders dispute regarding a BVI incorporated PRC property developer where we successfully obtain a stay of the judgment at first instance pending an appeal. We were also been heavily involved in the very public corporate restructuring and ultimate liquidation of KrisEnergy Limited in Singapore. Finally, the last 12 months has seen a significant increase in our Bermuda practice, and we now have 10 registered associates in the IDR team regionally, with 35 registered associates in Asia more broadly. This practice has largely focused on insolvency and restructuring matters for Bermuda companies listed on the Hong Kong Stock Exchange (with both company and creditor side mandates).

What sets you apart from your competition?

The ethos of the firm is very much people focused – we hire good people and we train them to give the level of service and expertise that should be provided by a Tier 1 firm. Our people are efficient and effective, and are responsive to client needs even with short deadlines or outside of ordinary office hours. We work particularly closely with both our Finance, Corporate and Funds colleagues, who we consider to be our internal clients, but also our colleagues in our home jurisdictions; providing true 24/7 service if needed. We have significant experience across a broad range of insolvency and litigation related matters, good internal Chinese language capability and particular areas of expertise amongst the Partner bench which can be utilised as needed. In this regard, the Partners work collaboratively to ensure the best outcome for our clients.

What specific ways do you feel you can benefit your clients?

Our team is highly motivated to achieve good outcomes for clients, and we work consistently to maintain trust and confidence and to deliver. We are solutions-focused, with both the technical expertise as to the law, but also a commercial approach. In particular, we are responsive to client requests and queries, we work long hours to make sure that client needs are met, and we provide the additional insight from the team in the home jurisdictions who are regularly in Court, and who can also provide advocacy services, at very short notice, as needed. We also deliver bespoke training, and work closely with our onshore colleagues to devise and implement a coordinated strategy for our clients using both the onshore and offshore world as appropriate. One of our key strengths is providing a life cycle approach for our clients and working very closely with our colleagues as mentioned – the IDR team will assist at the incorporation or structuring phase by providing risk assessment and advice about enforcement and exit, and then as needed help at the end of the life of an investment or deal by implementing the exit plan (be that consensual or otherwise).

What have been some of the major offshore litigation trends recently?

As a result of the pandemic, the offshore world has had to embrace technology, and so we have seen how our day-to-day interactions with the Courts and clients has changed. In terms of work, a number of clients have been enquiring about offshore funds structures with so-called fixed returns, and we have also seen an uptick in insolvency queries and actual insolvency appointments, which we believe is fueled by economic uncertainty. There is still plenty of finance workaround (and so to some extent less pure insolvency matters, but rather advisory work), and we are also looking increasingly at offshore asset protection and recovery. There have been some restructuring matters, and we expect these to increase.

Joanne Collett
Partner
T: +852 2596 3354
E: joanne.collett@walkersglobal.com

Stuart D’Addona
Partner
T: +852 2596 3370
E: stuart.d’addona@walkersglobal.com

Robert Foote
Partner
T: +65 6603 1695
E: robert.foote@walkersglobal.com

Callum McNeil
Partner
T: +852 2596 3422
E: callum.mcneil@walkersglobal.com

Walkers
Bermuda, British Virgin Islands, Cayman Islands
Dubai, Guernsey, Hong Kong, Ireland, Jersey
London, Singapore
W: www.walkersglobal.com