UBS AG and UBS Europe SE
Defending UBS AG and UBS Europe SE in proceedings commenced by the liquidators of China Metal Recycling (Holdings) Limited (China Metal) in the Hong Kong High Court in respect of liabilities arising out of its sponsorship work for the IPO of China Metal. This demonstrates our market leading expertise in defending high value high value claims (in the HK$billions) brought by liquidators against financial institutions, especially those involving fraudulent trading and dishonest assistance claims and our ability to handle document intensive proceedings, the latest e-discovery procedures and harness cutting-edge technology to assist with document review.
Successfully defended DBS Bank’s Hong Kong branch in a 15-day Hong Kong High Court trial, in an action brought by the liquidators of a former trade finance customer, which collapse when it was discovered to have falsified shipping documents and sales on a significant scale. The liquidators alleged DBS to have been a party to the fraud (fraudulent trading) and dishonestly assisted in it. We subsequently defeated the liquidators' appeal in the Court of Appeal. This matter showcases our ability to deal with disputes with a contentious insolvency angle, especially involving novel, fast-developing areas of law.
Chinese infrastructure investment fund
We advised a Chinese infrastructure investment fund and their appointed receivers on the enforcement of security following a default under a convertible bond issued by the holding company of a telecoms infrastructure operator in Hong Kong. The security package included 100% of shares in the operating company, which holds the telecommunication and regulatory licences. Our Finance, Litigation, Employment teams worked together to prevent removal of customer records and IT equipment, fend off intra-group claims and employee claims, and defeat a competing creditor's attempt to have provisional liquidators appointed. Our Finance team structured a credit bid to sell the company to an SPV of the investment fund. Drawing from the expertise of our TMT practice, we made sure that all the regulatory and licensing requirements on change of control are met. A clean receivership sale was ultimately made possible.
Liquidators of Lehman Brothers Asia
Advising the liquidators of Lehman Brothers Asia entities for a significant reduction in the various fees payable to the Hong Kong Official Receiver, in particular the ad valorem fees (which valued in the HK$billions in a liquidation of this scale). We conducted an in-depth analysis to formulate compelling arguments that were instrumental in securing a satisfactory outcome to our client.
We advised on the cross-border restructuring of a major global IT solutions provider amidst the Covid-19 pandemic. We facilitated a US$500-million equity investment, navigating the complexities of multiple jurisdictions (including Australian, English, Hong Kong, Malaysian, Indonesian and Russian law aspects of the Chapter 11 proceedings) and diverse creditors. Our strategic approach ensured the effectiveness of US Chapter 11 protection globally. Our efforts led to the client emerging from Chapter 11 proceedings recapitalized, debt-free, and with a healthy cash balance.
Telefónica Ventures on more than 20 corporate venture capital investments in technology start-up companies in the US, the UK and Israel
Partner, Co-Head of Venture Capital (Australia), Sydney
Co-Head of Venture Capital, Sydney
Partner, Kewei, Shanghai
Dylan Doran Kennett