Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong.

London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors.

The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, wants to repay creditors by issuing US$2.2 billion in long-term bonds and a combination of new mandatory convertible notes and perpetual securities.

“I have no…

Nusli Wadia, born in 1944 into the esteemed Wadia family, carries forward a significant heritage of business acumen and creativity.

The rule to become a billionaire is to expand their business and venture into different spaces rather than settling at…

In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with “fraudulent and mala fide intentions” and a collusive petition was filed by the financial creditor. NCLT said “there is a nexus and connection” between its financial creditor Experts Realty Professionals whose plea for insolvency was initiated against Logix Infrastructure.

The corporate tribunal said the entire transaction was “orchestrated” and forum was used “with purported malicious intent”.

The insolvency petition filed “with an ulterior motive” against Logix Infrastructure and its financial creditor has used this forum for purposes other than the…

Nusli Wadia, born in 1944 into the esteemed Wadia family, carries forward a significant heritage of business acumen and creativity.

The rule to become a billionaire is to expand their business and venture into different spaces rather than settling at…

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Professional services firm PKF Attest has introduced a new advisory and technical consulting service aimed at mitigating business liability in potential insolvency situations. This service is designed for company executives and high-level management, addressing the proactive measures required by the new European directive to prevent insolvency cases.

The initiative has already completed a pilot phase with participation from Sherpa Capital. Jorge Fernández, investment partner at Sherpa Capital, remarked, “Implementing action protocols in this area enhances our operational improvement strategy for our portfolio companies.”

PKF Attest’s service includes four stages: an initial economic and financial situation analysis, a…

1. Overview

Looking forward, slowing growth, persistent geopolitical frictions and a delayed easing of financing conditions would push up corporate insolvencies by +2% in 2025 before stabilizing at high levels in 2026. In the US, we expect bankruptcies to increase by +12% in 2025 (reaching a total of 27,800 companies) before falling by -4% in 2026. In Germany, business insolvencies will increase by +4% to 23,000 companies before falling also by -4% in 2026. In France and the UK, the number of insolvencies will decrease slightly by -6% for both countries in 2025 to 63,000 and 27,480 companies filing for insolvency, respectively, and continue to decrease further by -3% and -4% in 2026. Meanwhile in Italy, liquidations will…