Richard Woodworth

Bio:

Richard is a partner currently based in Hong Kong and leads Allen & Overy’s Asia-Pacific restructuring and insolvency practice. He advises creditors, borrowers, insolvency practitioners and other stakeholders on all aspects of financial restructurings and formal insolvency proceedings. He has advised on transactions throughout the region including Vietnam, Indonesia, PRC, Hong Kong, Japan, Korea, Singapore and many more.

Richard has advised on many landmark transactions, including many firsts for Asia. Recent highlights include advising the steering committee of lenders to Vinashin, Japanese shipper Sanko Steamship in dealing with its international creditors and the steering committee of creditors on the restructuring of Dubai World. Richard was the recipient of the inaugural IFLR Asia Restructuring ‘Rising Star’ award and he has received external recognition from all the independent legal guides.

Representative Cases
• a leading PRC financial institution as a major creditor on global debt restructuring of Suntech.
• the agent and steering committee on the successful restructuring of the shipbuilder Vinashin. This was the first restructuring of a state owned enterprise of importance in Vietman. The transaction has had macroeconomic effects on the relevant jurisdiction with Government involvement at the highest levels. Implementation of the restructuring was through a ground breaking use of an English scheme of arrangement. Members of our proposed team also separately advised the Company on the restructuring (IFLR Asia Awards 2014 Restructuring Deal of the Year, Asian-MENA Counsel Deals of the Year 2013).
• as international counsel for The Sanko Steamship Company Limited. The largest shipping insolvency in Asia in the current wave of restructurings.
• a major PRC financial institution as sole secured creditor and the appointed receivers and managers over a group of companies responsible for constructing and operating a major Caribbean resort complex. The quantum of debt involved was several billion US dollars. The transaction was implemented through a highly innovative structure that saw the asset acquired by an SPV controlled by the firm of the receivers and managers through a credit bid receivership sale and that SPV completing construction, which in turn triggered the effectiveness of a sale to a third party purchaser and represented the ultimate recovery by the secured creditor.

Professional Qualifications
Admitted as solicitor, Hong Kong, 2006
Admitted as solicitor, England and Wales, 2007

Academic Qualifications
BA (Hons), Law, Churchill College, Cambridge University
PCLL, City University of Hong Kong