Oon & Bazul’s Restructuring & Insolvency Practice ranked as global top 100 by Global Restructuring Review 2020

Oon & Bazul’s Restructuring & Insolvency Practice has been recognised as one of the world’s top 100 by Global Restructuring Review (GRR) 100 for the second time in a row. GRR 100 2020 is the fourth edition of the annual guide to the world’s leading law firms for cross-border restructuring and insolvency matters.

GRR 100’s commentary on our Restructuring & Insolvency Practice includes the following:

 

• • The firm’s highest-profile case has been for the US trustee of insolvent airline Zetta Jet, a complex bankruptcy involving Chapter 11 and then Chapter 7 proceedings in California for both the Singapore parent and the US subsidiary – which continued even after the Singapore court issued an injunction against their continuance. The Singapore court finally recognised the US proceedings in March 2019, after having previously refused recognition because the company flouted the injunction. This was the first time that the Singapore court considered the public policy exception of the United Nations Commission on International Trade Law Model Law. After the Singapore injunction, Zetta Jet commenced Chapter 11 proceedings in the US that were converted into a Chapter 7 liquidation; the trustee also sought recognition in Australia.

 

• • The firm obtained recognition in Singapore for the joint and several liquidators of Zhong Jun Resources, a Hong Kong company that has been in creditors’ voluntary liquidation since 2014.

 

• • It also advised the liquidators of Ricebowl Technologies, a forex trading model offered by BVI-incorporated fintech company SixCap group, which collapsed in 2017.

 

• • Oon & Bazul caught attention in April 2019 when it obtained the first-ever super priority order under Singapore’s new restructuring regime – nearly two years after the provisions were enacted – on behalf of online travel platform Asiatravel.com Holdings. The platform is now pursuing a scheme of arrangement in Singapore and a second round of super-priority rescue financing.

 

• • Meiyen Tan is currently acting as counsel to tech start-up HonestBee, which has operations in Malaysia, the Philippines, Thailand and Taiwan, as it looks to restructure its S$291 million (US$210 million) debt through a Singaporean scheme of arrangement with some of its 1,800 creditors.

 

• • In 2020, she also took new instructions from a pair of Indonesian conglomerates; MNC Investama, which launched a pre-packaged scheme in Singapore under new legislation introduced in July 2020, after becoming the first Indonesian company to secure a moratorium in the city-state; and real estate group Modernland Realty, which sought a moratorium alongside one of its subsidiaries in Singapore.

 

• • She also worked on another Southeast Asia cross-border matter until September 2019, advising electronics retailer Epicentre Holdings, which has a Singapore-listed parent company and a subsidiary in Malaysia, on the parent’s restructuring. Tan advised Epicentre on meeting regulatory obligations following the disappearance of its chief executive officer. The company was placed under judicial management in 2019.

 

• • Oon & Bazul has hired Keith Han as a partner in Singapore in June 2020.

 

• • David Chew, a partner at DHC Capital in Singapore, says that Meiyen is “strong technically, easy to work with” and maintains a “strong presence at creditor meetings”. Chew worked with Meiyen on the first super-priority rescue financing in Singapore for Asiatravel.com and most recently on the HonestBee restructuring.

 

If you require assistance for any restructuring & insolvency matters, please do not hesitate to get in touch with Head of Practice, Meiyen Tan, by email [email protected] or telephone +65 6239 5898, or Keith Han by email [email protected] or telephone +65 6704 1903.