☀️ Bright Spot #20
Southeast Asia’s Restructuring Evolution | Malaysia’s First Tokenized Sukuk Issuance | Adnaan Noor Launches Ashmere Law Asia | Aisling Dwyer Wins IWIRC’s 2026 Melnik Award
Bright Spot is an Acrostics Asia feature that tracks deal flows and moves in the industry.
🌻 Southeast Asia’s Restructuring Evolution
Around half a year ago, I wrote that Southeast Asia’s restructuring scene was a mixed platter, as Malaysia and Singapore made notable strides while Vietnam’s bankruptcy law was still considered largely untested.
A lot has happened since then. Vietnam has introduced a new Rehabilitation and Bankruptcy Law that “changes the country’s insolvency system from one that focused mainly on liquidation to one that gives priority to rehabilitation first.”
The Supreme Courts of Singapore and Indonesia have signed a memorandum of understanding that – for the first time – provides a formal channel for judges in both countries to coordinate on the same insolvency or restructuring case.
I also noted last year that Singapore had its first “cross-class cramdown”, which allowed oil trader GP Global to overcome a holdout creditor class.
Malaysia has now seen its first cross-class cramdown decision in the case of KL Petrogas vs SA Puncak Management. While the convening order has been granted, the sanction hearing will be closely watched, Christopher & Lee Ong wrote, noting that “the High Court has expressly reserved the abuse of process question for full argument at that stage.”
⏩ On the Move
🔸 Malaysia’s First Tokenized Sukuk Issuance
Zaid Ibrahim & Co acted as sole transaction counsel in connection with Malaysia’s first tokenised Sukuk issuance by Khazanah Nasional Berhad, developed in collaboration with Securities Commission Malaysia.
🔸 Adnaan Noor Launches Ashmere Law Asia
Adnaan Noor, formerly a partner at WongPartnership, has launched his own firm, Ashmere Law Asia, in Singapore, according to Asia Business Law Journal. The firm will primarily focus on risk, crisis and liability-related matters, including litigation and arbitration, with a particular emphasis on fraud, insolvency, investigations and asset recovery.
🔸 Aisling Dwyer Wins IWIRC’s 2026 Melnik Award
International Women’s Insolvency & Restructuring Confederation (IWIRC) announced that Aisling Dwyer is the 2026 recipient of the Melnik Award. The award is given to a member whose contributions to IWIRC – over an extended period of time – have been exceptional.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.