Rajah & Tann Asia’s Restructuring & Insolvency team is one of the largest and most established dedicated restructuring and insolvency practices in Asia, with a longstanding track record advising on the region’s most complex and high profile matters. We act across the full spectrum of contentious and non‑contentious restructurings, insolvencies and special situations, representing all stakeholder groups in distressed scenarios.

Our lawyers have been involved in almost every major debt restructuring, scheme of arrangement, judicial management, receivership and liquidation to have taken place in the region in recent years. We are highly experienced in navigating the legal, commercial and regulatory complexities that arise in distressed situations, and in delivering pragmatic, outcome focused solutions tailored to the priorities of creditors, investors, insolvency practitioners and financially distressed corporates alike.

Market Leading Expertise
We have a longstanding reputation as a market leader in restructuring and insolvency work, notably:

• Band 1 in Chambers Asia‑Pacific since 2021
• Tier 1 by Legal 500 Asia Pacific
• Top 100 Firms in the World for Cross-Border Restructuring & Insolvency since 2018, recognised by Global Restructuring Review (GRR)100
• “Restructuring and Insolvency Law Firm of the Year” at the ALB SE Asia Law Awards 2024
• Clients note the firm’s “deep bench strength across all restructuring and insolvency related areas” and its provision of “brilliant advice at a decent price” – The Legal 500 Asia Pacific
• “One of the go-to firms with a true depth of expertise. The firm can take on the biggest-ticket work.” – Chambers Asia Pacific

Regional Presence
We are a fully integrated legal network comprising leading law firms in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam, with each offering the highest standards of service to locally based clients while collectively having the capability to handle the most complex regional and cross border transactions and to provide excellent legal counsel seamlessly across the region. Our geographical reach is further strengthened by Singapore-based regional desks focusing on Brunei, Japan, and South Asia. With over 1,000 fee earners, all working together towards one shared goal, we are lawyers who know Asia and who give our clients home advantage.

Landmark Cases
Our experience is reflected in our involvement in landmark restructuring and insolvency matters across the region. Selected cases include:

• Acting as lead counsel for PT Waskita Karya (Persero) Tbk in the proposed restructuring of its financial debts and obligations. The restructuring process has dated back to 2021, with an outstanding debt amounting to IDR29.3 trillion which has been restructured through a Master Restructuring Agreement.
• Multi‑billion‑dollar disposal and restructuring of a listed aviation group’s core airline business.
• US$1.2 billion judicial management of Swiber Holdings and Swiber Offshore Construction, one of the most high-profile judicial management cases, involving complex stakeholder coordination and restructuring strategy.
• Acting for the PRC bankruptcy reorganisation administrators in the Jiangsu Delong Group restructuring, including the successful recovery of its Indonesia-incorporated company and a landmark Singapore recognition of PRC insolvency proceedings under the Model Law.

Full Suite of Services
We advise a broad and diverse client base, including banks and financial institutions, insolvency practitioners, financial advisers, accountants, bondholders, sponsors, and distressed corporates, across the full lifecycle of distress.

Insolvency
Our dedicated team will strive to ease clients’ insolvency-related stressors when providing guidance and assistance with:

• Liquidations
• Judicial management
• Receiverships
• Schemes of arrangement
• Bankruptcy and voluntary arrangements
• Business advisory
• Corporate insolvencies and rescues
• Cross-border insolvencies

Creditor Rights
We aim to protect the rights of all parties, including creditors, when assisting in:

• Creditor–debtor and inter-creditor disputes
• Loan recoveries
• Enforcement of judgements
• Pre-emptive remedies
• Enforcement of creditor rights and protections
• Bondholder disputes
• Settlements and compromises

Debt restructuring and workouts
Our team will devise suitable arrangements for stakeholders by providing and handling:

• Advice to creditors and steering committees
• Advice to independent financial advisors and special accountants
• Standstill arrangements
• Workouts, debt restructurings and documentation
• Security sharing arrangements
• Coordination of cross-border debt restructurings

Investigations and Recovery of Assets
Sharp-eyed and detail-oriented, our lawyers will ensure a comprehensive resolution when assisting in:

• Investigations of corporate fraud and misconduct
• Misfeasance actions
• Avoidance of transactions
• Examination of corporate officers
• Asset tracing

We Support You
We understand that restructuring and insolvency matters often involve complex, cross border and time sensitive challenges. We work closely with clients, bringing deep regional insight, technical skill and practical judgment to help them navigate complexity, manage risk and implement effective solutions.

Key Contacts
Singapore

Sim Kwan Kiat
Deputy Head, Dispute Resolution
Partner, Restructuring & Insolvency
T +65 6232 0436
E [email protected]

Sheila Ng
Head, Restructuring & Insolvency
T +65 6232 0590
E [email protected]

Indonesia

Alvin Ambardy
Partner, Restructuring & Insolvency
T +62 21 2555 7895
E [email protected]

Malaysia

Chua See Hua
Co-Head, Restructuring & Insolvency
T +603 2273 1919
E [email protected]

Cambodia

Heng Chhay
Managing Partner
T +855 23 963 112 / 113
E [email protected]

China

Linda Qiao
Head, Shanghai Representative Office
T +86 21 6120 8818 / +86 135 6465 5259
E [email protected]

Thailand

Surasak Vajasit
Chairman and Senior Partner
T +66 2656 1991
E [email protected]

Myanmar

U Min Thein
Managing Partner
T +959 5173609
E [email protected]

Philippines

Ben Dominic R. (Ben) Yap
Managing Partner
T +632 8248 5250
E [email protected]

Vietnam

Logan Leung
Deputy Managing Partner
T +84 28 3821 2382
E [email protected]