Ashok Kumar
Director
LL.B (Hons), University of London (Queen Mary College)
Advocate & Solicitor, Singapore
Barrister at Law (Middle Temple)
Associate Mediator, Singapore Mediation Centre
Ashok is a well-respected veteran in the area of corporate restructuring and insolvency, with 30 years of experience in legal practice. Handling both the contentious and non-contentious aspects of this practice on cross-border as well as domestic deals, Ashok regularly acts for debtors, creditors, financial institutions, funds and insolvency professionals, providing practical solutions when companies are in a distress or near-distress situation. Ashok is consistently named as a leading lawyer in this practice area in various reputable ranking publications, including Chambers Asia-Pacific, IFLR 1000, Benchmark Litigation, Legal 500, Asialaw, Who’s Who Legal, and Best Lawyers International.
Ashok has also contributed significant time and resources towards the development of the corporate restructuring and insolvency field in Singapore and the region. He sits on various committees and has released various publications related to his core practice area.
Contact Information
DID: (65) 6521 6741
FAX: (65) 6443 0887
EML: ashok.kumar@blackoak-llc.com
Ashok Kumar is a very experienced, internationally recognised lawyer specialising in Corporate Restructuring and Insolvency. He leads the practice at BlackOak LLC, an independent special situations legal firm. Ashok has acted in many high-profile restructuring and insolvency deals across jurisdictions, either as Singapore counsel or international counsel.
“Ashok and his team are always able to provide a solution and evolve the strategy as things unfold.”
– Chambers and Partners Asia-Pacific (2023)
“He is a very safe pair of hands and someone to trust in difficult and big situations. He is a good person to have in a tough negotiation.”
– Chambers and Partners Asia-Pacific (2023)
“Ashok Kumar has a phenomenal understanding of Singapore’s legal framework and great strategic ability to advise on restructuring options and paths to recovery, along with acquisitions.”
– Chambers and Partners Asia-Pacific (2022)
‘Ashok Kumar is an innovative strategist. Always great to have him and now Darius in the team and in the room. They are always prepared to share their knowledge.’
– Legal 500 (2022)
“Very proactive and provides innovative solutions.”
“Knowledge on law, connections, and client relationship management.”
– Chambers and Partners Asia-Pacific (2022)
“Responsiveness and value for the quality of the services.” (Corporate and M&A)
“Fast responses, commercial approach and practical solutions.” (Restructuring and Insolvency)
“Ability to come up with innovative solutions. Frank communication.”
– Chambers and Partners Asia-Pacific (2022)
Recent Deals
- Acting in the milestone case of Ascentra Holdings, Inc (in official liquidation) v SPGK PTE LTD [2023] SGCA 32, where the Singapore Court of Appeal held that the UNCITRAL model law on cross-border insolvency should be interpreted broadly to include foreign proceedings concerning companies that are neither insolvent nor severely financial distressed.
- Advising a prominent co-working space provider on its complex restructuring, in relation to, amongst others, the restructuring of its Singapore subsidiaries. The group is one of the largest players in the industry, operating from over 700 locations with approximately 653,000 members worldwide.
- Advising and representing the Singapore-incorporated debtor companies of FTX, previously one of the biggest players in the crypto industry valued at USD 32 billion, in US Chapter 11 proceedings in the aftermath of the high-profile FTX exchange collapse.
- Acting as local counsel to the Century Sunshine Group entities and advising the appointed liquidators in relation to the Group’s cross-border restructuring of outstanding debt valued at HKD 3.24 billion.
- Advising and assisting the liquidators of a prominent Singapore-based cryptocurrency hedge fund in relation to their ongoing investigations and potential claims.
- Acting for the principal secured creditor in the liquidation of an Indian fashion e-commerce “unicorn” that had defaulted on a USD 40 million facility agreement, as well as advising on potential funding and its broader litigation and recovery strategy.
- Acting as local counsel for an Ad Hoc Committee of Noteholders of Mulhacen Pte. Ltd. in relation to the restructuring of the €515 million 6.5%/7.25% Senior Secured PIK Toggle Notes due 2023.
- Acting for the Duniatex Group in proceedings for the recognition of PKPU orders and, subsequently, the Indonesian restructuring plan in respect of the Group in Singapore under the UNCITRAL Model Law on Cross-Border Insolvency and common law.
- Acting as local counsel for an Ad Hoc Committee of Noteholders and certain other lenders of CFG Investment SAC in relation to the restructuring of its USD300 million, 9.75% senior unsecured notes due 2019.
- Acting for BLD Investments Pte Ltd in relation to the restructuring of its Guaranteed Equity Linked Bonds, guaranteed by PT Bakrieland Development Tbk.
- Acting as local counsel for an Ad Hoc Committee of Noteholders of Blue Ocean Resources Pte Ltd on the restructuring of its USD 325 million, 11% guaranteed senior secured notes due 2012. Currently acting for the Ad Hoc Committee in relation to a potential next round of restructuring of the Notes.
- Acting as local counsel for an informal steering committee of Noteholders in the Hyflux Group’s USD 2 billion restructuring exercise.
- Acting for an informal steering committee of holders of USD 150 million, 8.75% senior secured bonds due 2018 in relation to Miclyn Express Offshore Pte Ltd’s restructuring exercise.
- Acting as local counsel in relation to the global dissolution of Lehman Brothers Holdings Inc’s subsidiaries and related entities worldwide.
- Advising and representing the liquidators of Power Solar System Co Ltd (in liquidation) in relation to its USD 263.9 million claims against Suntech Power Investment Pte Ltd, as part of a larger global restructuring.
- Part of the team advising the provisional liquidators of Mongolian Mining Corporation on a suite of debt-restructuring proposals, including the restructuring of secured notes by way of cross-border schemes of arrangement.
- Acting as local counsel for Gulf Pacific Shipping Limited, a wholly owned subsidiary of STX Pan Ocean (Hong Kong) Co Ltd, on matters arising out of the larger STX Pan Ocean Group’s global cross-border debt restructuring exercise.
- Advising I.M. Skaugen SE on its application for moratorium orders under S211B Companies Act. This application was significant as it was the first to be brought by a foreign company. The ensuing reported judgment in Re IM Skaugen SE [2018] SGHC 259 currently stands as the leading decision in Singapore law on the extraterritorial effect of a worldwide moratorium and the statutory interpretation of S211B(4) Companies Act.
Appointments
- Director, Insolvency Practitioners Association of Singapore
- Member, Law Reform Committee, Singapore Academy of Law
- Adjunct Lecturer, Singapore Management University
- Member of Advisory Board of the Singapore Global Restructuring Initiative (SGRI)
- International Insolvency Institute Representative in UNCITRAL WG V
- Supreme Court Insolvency and Restructuring Court Users’ Committee (IRCUC)
- Member of the CII Task Force on Insolvency and Bankruptcy of the Confederation of Indian Industry (CII)
- Co-Chair of the Asset Tracing and Recovery Colloquium of INSOL International
- Subject Editor of Singapore Academy of Law Practitioners Online for insolvency & restructuring
- Committee Member of the Insolvency Practice Group (IPG) of INSOL International
- Member, Insolvency Practice Committee of the Law Society of Singapore
Recent Accolades
- Band 1 Ranked Lawyer (Restructuring / Insolvency: Domestic -Singapore), Chambers and Partners Asia-Pacific Guide 2024
- Highly Regarded (Restructuring and Insolvency, Singapore), IFLR1000 2023
- Litigation Star (Insolvency, Singapore), Benchmark Litigation Asia-Pacific 2023
- Elite Practitioner (Restructuring and Insolvency, Singapore), Asialaw Profiles 2023
- Hall of Fame (Restructuring and Insolvency: Local Firms – Singapore), The Legal 500 Asia Pacific 2023
- ‘Restructuring and Insolvency Lawyer of the Year’ Award, Asialaw Awards 2023