A&O Shearman combines top-tier contentious and non-contentious expertise to maintain its position as one of the region’s standout restructuring practices. The team is a go-to adviser on creditor-side mandates with PRC connections, frequently acting in courts and tribunals on behalf of major financial institutions. A defining feature of the practice is its pivotal role in PRC property developer restructurings, a dominant theme in the Hong Kong market. Practice head Viola Jing is widely recognised as a leading restructuring and insolvency practitioner, while Ian Chapman draws on over 40 years of experience advising on the market’s most complex restructurings. Melody Chan further enhances the group with her strong, contentious focus.

Clifford Chance combines contentious and non-contentious expertise to deliver comprehensive support to creditors, lenders, coordinating committees, and debtors in high-profile restructuring matters. The team is also at the forefront of cryptocurrency insolvency, having recently advised on a landmark crypto exchange liquidation, raising novel trust issues. Practice head Scott Bache is highly experienced in corporate restructuring, distressed M&A, and special situations investing. Phoebe Lo is particularly noted for advising leading Chinese clients on complex cross-border matters involving high-value distressed outbound investments, while Soo Khim Keoy is a key name for insolvency cases with contentious elements. Donna Wacker departed from the practice in May 2025.

Kirkland & Ellis remains a leading authority in Hong Kong’s restructuring market, acting for an enviable roster of corporates, sponsors, funds, financial institutions, and insolvency practitioners. The firm is noted for its involvement in precedent-setting matters, including securing the first substantial damages award for breach of a keepwell deed and acting in the first keepwell litigation against a PRC state-owned entity. Co-chair Neil McDonald is highly sought after by international creditors navigating the recent wave of distressed PRC real estate developer restructurings, while fellow co-chair Wei-Yang Lim continues to lead on multibillion-dollar restructurings of offshore debt liabilities. Anthony Wijaya is also a key member of the team.

Latham & Watkins LLP’s Greater China team is highly regarded for advising debtors, sponsors, creditors, lenders, and investors on both traditional and bespoke restructuring and insolvency mandates. Leveraging its integrated Hong Kong, US, and UK expertise, the group is particularly well-placed to support clients on complex cross-border deals. Team head Howard Lam is a prominent figure in China-related and Asia-wide restructurings, frequently acting for insolvency practitioners, bondholders, distressed funds, corporates, and bank lenders. Flora Innes adds further depth with extensive experience across corporate restructurings, insolvency proceedings, and cross-border disputes.

Advising both debtors and creditors, Linklaters retains a leading position in Hong Kong’s restructuring and insolvency market. The firm is a go-to adviser on complex restructurings involving Chinese real estate developers, including large-scale financial debt defaults managed through both court-led and out-of-court processes. Co-chair Richard Woodworth brings deep strategic insight into complicated financial debt restructurings, while fellow co-chair Denise Fung is central to the firm’s reputation in contentious insolvency mandates. Bernard Chain is adept at handling complex enforcement, recovery, and restructuring matters. The practice was further strengthened by the arrival of Mark Fairbairn from Fairbairn & Co in November 2024, bringing significant expertise across the restructuring and liquidation.

Tanner De Witt has a dedicated restructuring and insolvency team renowned for its depth and track record in novel, precedent-setting matters. The group advises across a wide range of sectors, including real estate, retail, and cryptocurrency, and is a key point of contact for global insolvency clients. Co-chair Ian De Witt has led landmark cases involving financial advisor negligence, aircraft liens, and transaction avoidance. Fellow co-chair Robin Darton regularly advises on complex asset recovery actions, schemes of arrangement, and litigation funding in liquidations. Acting for liquidators, receivers, and creditors, Veronica Chan is a leading name in bankruptcy and insolvency litigation, with Sunny Hathiramani also remaining active across a broad spectrum of contentious insolvency mandates.

Ashurst’s restructuring and insolvency team is highly active across the banking, asset management, technology, energy sectors. Real estate is also a key area, in which the firm is regularly instructed on enforcement actions and restructurings linked to defaulting Chinese property developers. Practice head Lance Jiang brings deep knowledge of the Greater China market and regulatory landscape. Cathie Wong is frequently entrusted by financial stakeholders, insolvency practitioners, and borrowers on critical restructuring mandates. The practice also benefits from the litigation expertise of Janene Loke, who adds strength on contentious aspects.

Hogan Lovells has carved out a niche in private credit deployment, regularly acting for funds, asset managers, alternative capital providers, and special situations investors. Team head Jonathan Leitch recently advised an ad hoc group of bondholders on the complex restructuring of USD 300 million convertible bonds. Litigator Chris Dobby is a highly respected figure in the market, often instructed by court-appointed liquidators in major corporate collapses. Louise Leung is a key name for banks and borrowers in relation to real estate sector financings. Shantay Cong is also central to the team’s ongoing successes in the space.

Johnson Stokes & Master continues to act on complex, multi-jurisdictional restructurings, representing an enviable roster of banks, trustees, bondholders, and other key stakeholders. The practice is a go-to for ongoing issues affecting Chinese property developers and regularly advises on the full spectrum of restructuring and special situations matters. Practice head John Marsden has long been a central figure in some of the region’s largest restructurings and insolvencies. Terence Tung brings deep experience across all levels of the People’s Court and the Hong Kong judiciary, alongside expertise in international arbitration. Ivy Wang is a trusted advisor to banks on recovery strategies tied to loan exposures.

Sidley Austin LLP has cemented its reputation as a leading player in the restructuring space, having completed mandates valued at billions of US dollars. The team is particularly noted for its strength in real estate restructurings and for its strong track record in novel, precedent-setting matters. A recent highlight includes advising Sino-Ocean Group on the first-ever use of an English restructuring plan by a PRC property developer. Dhevine Chandrapala remains a key figure in high-value China real estate restructurings.

Baker McKenzie fields a highly experienced restructuring and insolvency team that continues to advise on complex mandates influenced by geopolitical factors and trade tariffs. On the contentious side, the firm acts for appointees overseeing liquidations, managing risk, negotiating arrangements, and maximising returns. Transactionally, it is well regarded for handling both debtor and creditor side instructions. Practice head Kwun Yee Cheung combines strong company law expertise with a deep understanding of insolvency and financial restructuring frameworks. Edmund Ma advises corporates, financial institutions, and insolvency practitioners on a wide range of R&I issues.

Acting for a broad range of listed companies, large corporates, and financial institutions, King & Wood Mallesons remains highly active in Hong Kong’s restructuring and insolvency market. Leveraging its leading mainland China practice, the firm is particularly adept at advising on cross-border mandates. Co-chair Sheldon Tse is a key figure for PRC-related regulatory work, while co-chair Helena Huang leads matters involving US clients and associated considerations. Fellow co-chair Barbara Chiu is central to bankruptcy disputes and global recovery actions, and Edmund Wan, also a co-chair, brings expertise in litigation and alternative dispute resolution.

Stephenson Harwood is recognised as one of Hong Kong’s leading contentious insolvency practices. The group is noted for its strength in transportation, trade, and cross-border insolvency matters. Team head Jamie Stranger has extensive experience advising liquidators, receivers, and bankruptcy trustees in formal insolvency proceedings. Alexander Tang is a seasoned litigator with a strong focus on corporate restructuring and insolvency disputes, while Simon Wong enhances the practice with niche expertise in airline defaults and insolvencies arising since the outbreak of COVID-19.

Weil, Gotshal & Manges LLP’s Asia restructuring team is recognised for handling the full spectrum of restructuring, insolvency, and special situations mandates across both creditor and debtor sides. Its diverse client base includes credit funds, creditor committees, bondholders, alternative investors, insolvency practitioners, private equity sponsors, corporate debtors, and directors and shareholders. Practice head Kathleen Aka brings over 20 years’ experience in both contentious and non-contentious restructuring and insolvency matters. Key figures also include Minna Zhang and Jaime Yeh, who play pivotal roles in the team’s continued success.

White & Case’s Hong Kong restructuring and insolvency team advises across the full spectrum of financial and corporate restructurings, insolvency matters, and related disputes. The team handles English, US, and domestic insolvency work and is increasingly active in emerging markets, including Indonesia, India, and Vietnam. Sophie Lyall leads the Hong Kong and Greater China practice and is praised for her management of schemes, enforcement actions, and other complex proceedings. Baldwin Cheng and Wilfred Ho bolster the firm’s non-contentious and contentious capabilities, respectively.

CMS Hong Kong LLP continues to provide comprehensive advice across corporate restructurings, spin-offs, liquidations, insolvency, and complex financial instrument unwindings. The Hong Kong team has been particularly active advising distressed developers in the wake of the China real estate sector collapse. Team head Kingsley Ong’s deep expertise in structured finance and securitisation underpins his success in unwinding complex structures. Steven Wise enhances the team with his niche experience in distress arising from charter parties, bills of lading, sale and purchase contracts, and insurance policies.

Norton Rose Fulbright continues to see growth in enforcement, debt recovery, and insolvency-related litigation, particularly in disputes concerning receivers’ appointments, challenges to liquidators’ actions, and the sanctioning of schemes of arrangement. The group also remains a key player in winding-up petitions against Chinese developers. Practice head Daniel Ng routinely represents banks, financial institutions, and corporates in contentious insolvency matters.Camille Jojo, who holds higher rights of audience, regularly appears before the High Court and Court of Final Appeal in insolvency disputes.

Led by Naomi Moore and Trinh Hoang, DLA Piper’s restructuring and insolvency practice regularly advises on matters at the intersection of distressed credit, formal insolvency, and cross-border restructurings. The team is equally adept at acting for insolvency practitioners, investment funds, financial institutions, and corporate borrowers. Both Moore and Hoang handle demanding workloads spanning cross-border insolvency and restructuring, special situations, distressed debt, and private credit.

Known for its creditor-side strength, Eversheds Sutherland regularly represents leading domestic and international banks in contentious insolvency proceedings, enforcement actions, and restructuring negotiations. Led by Mark Hughes, the team’s expertise covers bilateral and syndicated loan agreements, ISDA/GMRA contracts, mortgages and secured lending, as well as post-liquidation disputes. Duncan Watt is active on cross-border restructurings involving Hong Kong, PRC, Madagascan, Spanish, and English law.

Gall is highly regarded for its focus on investigative and enforcement-driven insolvency work, with expertise spanning asset tracing and recovery, enforcement actions, creditor services, validation orders, provisional liquidator appointments, and directors’ duties. Co-chaired by Evelyn Chan and Nick Gall, the firm is also a prominent player in litigation funding for insolvency administrations, having been involved in a number of landmark decisions in this area.

Hill Dickinson Hong Kong is a key player in the restructuring and insolvency market, known for its ability to manage complex disputes. The team benefits from the leadership of Bryan O’Hare, who brings over 25 years of experience in Hong Kong insolvency processes and dispute resolution. Its clients include financial institutions, turnaround management firms, court-appointed liquidators and receivers, listed companies, SOEs, and high-net-worth private clients.

Ince & Co advises international financial institutions, distressed funds, listed companies, insolvency practitioners, receivers, and trustees on the full spectrum of restructuring and insolvency matters. The team is particularly experienced in cross-border insolvency disputes. Practice head Ian Lo brings extensive expertise in both contentious and non-contentious restructuring and insolvency matters, while Anderson Siu is also a key member of the practice.

On behalf of liquidators, trustees, receivers, and other insolvency professionals, Karas So LLP in association with Mishcon de Reya is frequently instructed to oversee complex corporate collapses, particularly those involving fraud and professional negligence. Team head Jason Karas continues to lead on significant and high-profile insolvency cases. Kevin So is a commercial litigator with specialised expertise in cross-border insolvency disputes and regulatory investigations.