Liquidation of a Hong Kong-based energy company listed on the Hong King stock exchange with creditor claims in excess of $550million.

Jurisdictions involved

Singapore, Hong Kong, Bermuda, and India.

The business and background 

Incorporated in Bermuda, Agritrade Resources Limited is listed on the Hong Kong stock exchange. Its interests centre around various energy assets, including two coal mines in Indonesia and a large power plant located in India. In addition to its energy assets, the company was engaged in the distribution of other mining-related services, including trading, shipping, and logistics.

We were appointed to replace the previously appointed liquidators with a mandate to take control and drive the restructuring of the wider group. 

What we did  

Upon appointment, we quickly appraised and oversaw the continuation of multiple litigations and arbitration proceedings in Singapore, Hong Kong, Bermuda, and India.

As well as this, we obtained a Mareva injunction against a former officer of the company and his partner, in addition to securing interim funding to continue litigation and other operations. We also replaced the board of directors, formed a restructuring committee, and successfully oversaw the creation of a restructuring plan for the company. 

The outcome

This engagement is ongoing.