2021 New Year Message
2021 New Year Message
2021 New Year Message
Summary
In the midst of a challenging year in 2020, the commodities trading industry faced significant turmoil with companies collapsing under massive debts. Trade finance suffered due to various factors like trade fraud scandals, Covid-19, and market uncertainty. The need for catharsis in the industry was highlighted to address issues like fictitious trades and forged documents. The relationship between shipping and commodities was also scrutinized, particularly in the use of letters of indemnity. Despite challenges, certain areas of the commodities market, such as iron ore, experienced a boom. Looking ahead to 2021, restructuring mandates are expected to dominate as non-performance and collapses may increase. The firm reflects on their achievements in 2020, including being nominated for the Legal 500 SE Asia awards for International Arbitration, showcasing a commitment to competing globally.
Clientele of the firm includes major multinational corporations in mining, oil, and trading sectors worldwide. Their work in 2020 spanned enforcement actions, arbitrations, trade fraud investigations, and advising on payment instruments and operational aspects affected by Covid-19. The firm anticipates challenges in 2021 as prices rise and liquidity tightens, leading to more restructuring mandates. Despite being a smaller entity in the legal industry, the firm values overcoming challenges and changing mindsets. The message emphasizes competing with the best globally and expresses gratitude for the support received.
The firm's clients range from mining companies to oil conglomerates and trading houses across different regions. They provide advice on various operations, trade structures, defaults, and investigations. A diverse portfolio of clients includes entities from Australia, Europe, India, China, and other parts of the world. The firm's work highlights encompass restructuring, enforcement, arbitration, insolvency, and various aspects of trade and financing, reflecting a broad spectrum of expertise and experience.
