The Legal 500

Allen & Overy fields an experienced multi-jurisdictional practice, with the ‘premier lawyer in Asia Pacific for distressed investments and restructuring work’, David Kidd, at the helm of the practice. Kidd is advising all of the separate creditors’ committees on the restructuring of Dubai World, Nakheel and Dry Docks World, with debt totalling $28.5bn. The team also advised PwC as receivers, and HSBC Bank USA, National Association as trustee of the Lehman Brothers minibonds, with a value of $1.4bn and affecting 40,000 retail investors; settlement was reached in June 2011. Senior partner Joseph Tse is also active in the arena. Tse recently represented a Chinese investor with debt investment in Hungarian chemicals manufacturer BorsodChem following the distressed acquisition of BorsodChem by Wanhua Industrial Group. Associate Richard Woodworth is recommended.

Clifford Chance has a superb reputation for its restructuring practice, which is led by Scott Bache. Bache has a depth of experience advising on insolvency issues and distressed debt, and Matthew Truman has significant restructuring experience. The group assists in both contentious and non-contentious matters, and advises funds, private equity firms and investors, and global banks. It is representing FTI Consulting as liquidators of Pioneer Group in recovering $600m of missing assets in different jurisdictions. The client roster features Skyfame Group and KPMG.

A ‘standout firm in Hong Kong’, Hogan Lovells fields a strong team of practitioners, who are ‘all good at what they do’. Post-merger, the firm has substantial international presence, and advises financial institutions, hedge funds, private equity firms and others on the insolvency and restructuring of distressed companies. With a ‘depth of experience’, Neil McDonald ‘negotiates well’, and advised the founding shareholders of Chinese retail chain GOME on the largest-ever public company shareholder dispute in China. McDonald also led in advising a consortium, including Goldman Sachs and KPMG, on the restructuring of the $100m debts of Metalform group; the restructured business was sold to an affiliate of KKR in October 2010. Kelly Naphtali is recommended.

At Mayer Brown JSM, the team continues to advise KPMG as liquidators of the nine Asia-based Lehman Brothers entities. It is also assisting Avenue Asia Group in the reorganisation and restructuring of Thai-listed telephone company, TT&T. With a ‘wealth of experience’, Steven Miller heads up the restructuring, bankruptcy and insolvency group in Asia. John Marsden is advising Standard Chartered Bank Malaysia on the cross-border restructuring of First Mobile Group Holdings. Current clients include Bangkok Bank, Deloitte, PwC and HSBC.

Baker & McKenzie fields a strong team and is noted for its reach throughout the region. Gary Seib and Anthony Poon lead on the insolvency side, and practice head Stephen Eno has a depth of expertise advising on the restructuring of companies and debts. Eno recently advised three syndicated lenders on the restructuring of three syndicated loans aggregating $220m. The team continues to advise the Hong Kong banking creditors of Asia Aluminum in ongoing matters related to its debt restructuring, and Seib is assisting the provisional liquidators of EganaGoldpfeil Group in its insolvency.

Tanner De Witt handles ‘really high-quality local work’, and is known for its experience of insolvency matters. The team, featuring Ian De Witt and Robin Darton, is widely regarded in the arena for its excellent work and capabilities. De Witt is currently involved in the Hong Kong restructuring of entities in the APP Group, and concluded advising the liquidators of Oasis Hong Kong Airlines, with judgment handed down in April 2011. Highlights for Darton included advising Hong Kong terrestrial television station ATV, and assisting the administrators of the UK Lehman entities.

DLA Piper combines ‘industry knowledge and expertise together with insolvency skills’. It is advising KPMG on the liquidation of Transfield ER Cape, which involves proceedings in the BVI, Singapore, UK and New York. Insolvency practitioner Graham Ridler is recommended, and acts for the Federal Deposit Insurance Federation and Deloitte. Christopher Clarke provides ‘substantial relevant experience with sound commercial judgement’ and is noted for his ‘engaging personality that facilitates and overcomes difficult discussions’.

Philip Gilligan at Deacons handles large insolvencies and restructurings, both in Hong Kong and further afield. The firm maintains a very established practice, and can call on a depth of cross-departmental experience. Litigators Robert Clark and Richard Hudson assist in contentious insolvency matters, including corporate and bankruptcy. The team continues to be involved in the Asia Aluminum insolvency, and is also acting for Deloitte in two instances - as provisional liquidators of the Norstar Group, and also as liquidators of a Hong Kong company. It is currently advising FTI Consulting (Asia) as provisional liquidators of a BVI-incorporated company with winding-up proceedings in Hong Kong.

Gall provides ‘high-quality and timely legal service’, and leads in contentious insolvency work, including liquidations, bankruptcies and debt collections. Clients describe Lewis Man and Randall Arthur as ‘knowledgeable, competent and sensible’. Arthur continues to advise the liquidators of Cyberworks Audio Video Technology and the litigation funder in an assignment of causes of action case, leading to Hong Kong’s first written decision on litigation funding in insolvency administrations. Nick Gall is also recommended.

Linklaters fields a multi-jurisdictional practice together with a cross-departmental team of ‘very experienced lawyers’. Melvin Sng and Trevor Clark are the key contacts. Recent highlights include advising RBS on the sale and winding down of retail, banking, commercial and wealth management businesses across nine countries in Asia. In 2011, Sng was involved in a litigation following the restructuring of Guangdon Enterprises in 2000.

Providing ‘in-depth knowledge of Asia restructuring regimes and practices’, O’Melveny & Myers LLP has broad capabilities in Hong Kong and Asia, most notably in Singapore. The team fields ‘outstanding experience in handling complex cases’, and Mark Fairbairn has ‘outstanding restructuring know-how’. Fairbairn continues to be involved in the $14bn restructuring of Asia Pulp & Paper, and is acting for the provisional liquidator of Celestial Nutrifoods. He is also representing the provisional liquidators in the insolvency of Fu Ji Food & Catering, and advised on the first scheme of arrangement in Hong Kong seeking to compromise bondholders as contingent creditors. James Wood is ‘excellent’.

While still fairly new to the Hong Kong market, Eversheds LLP has an ‘up and coming’ restructuring and insolvency practice, with Kingsley Ong, who joined from Mayer Brown JSM in January 2011, at the helm of the team. A ‘specialist in unwinding complex securitisations, CDOs and derivatives instruments’, Ong provides ‘very prompt, accurate and commercial advice’ and has ‘very unique and rare expertise which is great demand in the current market’. The firm was appointed to the panel of the Lehman Hong Kong Liquidators in March 2011.

Freshfields Bruckhaus Deringer continues to establish a practice, following a period of substantial change. David Winfield and Andrew Heathcote are both active in the arena and advise several Chinese companies. Howard Lam’s arrival from Linklaters in May 2011 has also boosted the team’s profile in the area.

The litigation team at Gallant Y. T. Ho & Co advises on insolvencies, and assists financial institutions in debt recovery and restructurings. It also acts as provisional liquidators and as liquidators in place of the Official Receiver in insolvency matters.

Latham & Watkins LLP significantly increased its capabilities with the arrival of Simon Powell (‘one of the best insolvency lawyers in Hong Kong’), from Jones Day in mid 2010. Powell brings a wealth of experience in domestic and multi-jurisdictional matters, and is advising Australian company Mount Gibson Mining on a claim against Pioneer Iron & Steel Group, which is currently in liquidation. Providing a ‘professional yet personal approach’, the team ‘utilises strong industry knowledge and expertise to deliver good results’. Recent clients include Tatung and KPMG, and it is advising Retail Holdings Limited and Phoenix Advisors on the liquidation of Akai.

At Mallesons Stephen Jaques, the team advises on bankruptcy, corporate recovery, insolvent trading, receivership and liquidation. Edmund Wan made partner in January 2011, and is advising the liquidators on the winding-up of the controlling shareholder of an Asian watch manufacturer and retailer, A-One Investments. In 2010, Conrad Chan advised Shell Electric MFG on its HK$1.5bn capital reorganisation.

Norton Rose Hong Kong continues to build on its strength in the arena, and is recognised for its quality advice and expertise. Litigator Camille Jojo advises on winding-ups and other contentious insolvency issues. Jojo is advising an Asian bank in a restructuring dispute claim in the High Court. Ruth Cowley is currently advising the administrators of a cross-border administration, and banking expert Peter Haslam provides restructuring advice.

At Reed Smith Richards Butler, Jonathan Green and Andrew Brown handle debt restructuring across the region. The team has previously acted for clients in the telecoms and manufacturing sectors.

Sidley Austin’s restructuring capability is led by corporate finance partners Matthew Sheridan and Gloria Lam. The firm focuses on providing advice on corporate restructuring issues for its client base of global corporates and banks.

At Simmons & Simmons, the team is active in corporate restructuring and insolvency work, with Richard McKeown leading in restructuring cases. Robert Lewington is the key contact for insolvency litigation work.

Yeeling Wan at Stephenson Harwood now leads the Hong Kong restructuring and insolvency team. The group advises liquidators, banks, the Official Receiver and others in insolvency proceedings, debt and corporate restructuring, and workouts. Mark Reed handles non-contentious restructuring work, while Malcolm Kemp is the key contact for contentious matters. Kemp and Jason Toms are currently advising Omnicorp with regard to proceedings brought by the liquidators of Akai Holdings. Paul Westover, who joined from Tanner De Witt at the beginning of 2010, is advising a European household products manufacturer and retailer on the liquidation of its joint venture factory in China.

White & Case fields a ‘good restructuring team’, with John Hartley and Beijing-based Baldwin Cheng singled out for their experience. The firm assists lenders in non-contentious cases, and recently advised a global investment bank on the restructuring of financing for a China-based advertising company.

Wilkinson & Grist advises on insolvency, liquidation, restructuring and bankruptcy matters, and has a very solid reputation in the arena. Practice head Keith Ho and Lawrence Chan continue to advise FTI Consulting as the liquidators of Asia Aluminum. Both are also assisting Ernst & Young as provisional liquidators of two separate Hong Kong-listed companies, Sunlink International Holdings and Skyfame Realty.