David Bulley

E [email protected]
T +852 6201 3662

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Bio

David is the Managing Partner of the Hong Kong office and Local Corporate Group Head. He is also head of Asia Private Equity and M&A, Corporate Restructuring and global co-head of SPACs.

Recognised as a leading lawyer in each of his practice areas, David has been named Cayman Islands “Merger and Acquisitions Lawyer of the Year” for the last three years running, having completed transactions with an aggregate value in excess of USD100 billion during this time.

David’s corporate clients include Ascendent Capital Partners, Benchmark Asia, Celadon Partners, Goldman Sachs, MUFG, SoftBank Group Corp. and SoftBank Vision Fund.

On the restructuring side David has a wealth of knowledge and experience in advising clients on all aspects of offshore restructurings. Currently engaged on multiple mandates relating to the offshore bonds of Chinese real estate developers, David has led on many of the largest Cayman restructurings, particularly in the offshore oil and gas sector during the previous cyclical downturn.

David is qualified in England & Wales, Cayman Islands and British Virgin Islands. He graduated from Cambridge University and trained at Freshfields Bruckhaus Deringer in London before practicing at Kirkland & Ellis and Sullivan & Cromwell in London.

AWARDS AND ACCOLADES

Leading Expert in Corporate M&A Law 2022 ‐ Hong Kong (Offshore Law) – Corporate Vision Magazine

Mergers and Acquisitions Lawyer of the Year – Cayman Islands – Lawyer Monthly 2019, 2020 and 2021

Corporate Finance Lawyer of the Year – Cayman Islands – Finance Monthly 2019 and 2021

ALB 40 Under 40 – Asian Legal Business 2020

Most Trusted Corporate Restructuring Specialist – Cayman Islands – CV Magazine 2019

M&A Rising Star – IFLR 1000 2017, 2018, 2019, 2020, 2021

Restructuring Rising Star – IFLR 1000 2017, 2018, 2019, 2020, 2021

REPRESENTATIVE DEALS:

PE / M&A*

  • Ascendent Capital Partners on multiple acquisitions and exits
  • Benchmark Asia on its acquisition of assets out of the liquidation of Pacific Harbour
  • Celadon Partners on multiple acquisitions and exits
  • China Automation Group on its privatization by way of a Cayman scheme of arrangement
  • China Post on its USD128m investment in ULE Holdings
  • China UnionPay in connection with its bid for Chinese tech assets
  • MUFG on its acquisition of an interest in Grab Holdings Inc. for USD706m
  • Sequoia Capital on multiple acquisitions
  • SoftBank Group Corp. on multiple acquisitions and exits
  • SoftBank Vision Fund on multiple acquisitions
  • Various – Multiple privatisation transactions with an aggregate deal value in excess of USD20bn

* A more complete list of experience is available upon request – representations set out above only includes Asia based transactions and not those completed for US / European clients

Restructuring**

Debtor Representations

  • CHC Helicopter Group on restructuring by way of Chapter 11 and Cayman process
  • Pacific Drilling on its 2018 restructuring by way of Chapter 11 and Cayman process
  • Pacific Drilling on its 2020 restructuring by way of Chapter 11 and Cayman process
  • Various – multiple Chinese real estate companies on their ongoing liability management and debt restructuring processes
  • Whalsay Energy Limited on its restructuring and its listing on the Cayman Stock Exchange

Creditor Representations

  • Hercules Offshore – The Ad Hoc Group of Creditors on the first restructuring of Hercules Offshore Inc. by way of US Chapter 11 and offshore process
  • Noble – An Ad Hoc Group of Noteholders of Noble on its restructuring by way of Chapter 11
  • Ocean Rig – The Ad Hoc Group of Creditors of Ocean Rig UDW. Inc. on a financial restructuring by way of multiple Cayman Schemes of Arrangement and Chapter 15
  • Scottish Re – The Official Committee of Unsecured Creditors on the Chapter 11 of Scottish Re
  • Seadrill – The Ad Hoc Group of Senior Secured Creditors of Seadrill on restructuring by US and Bermuda process
  • Valaris – The Ad Hoc Group of Creditors of Valaris plc on its restructuring by way of Chapter 11 and offshore process
  • Virgin Atlantic – A major creditor on the restructuring of Virgin Atlantic

** A more complete list of experience is available upon request – representations set out above only includes offshore representations and not deals completed whilst at Kirkland & Ellis or Sullivan & Cromwell

SPAC / DE-SPAC REPRESENTATIONS***

US SPACS

  • Artisan Acquisition Corp. – US$300m SPAC IPO – sponsored by C-Ventures and Adrian Cheng
  • Black Spade Acquisition Co – US$150m SPAC IPO – sponsored by Black Spade Capital and Lawrence Ho
  • Gobi Acquisition Corporation – US$250m SPAC IPO – sponsored by PAG
  • Silver Crest Acquisition Corporation – US$300m SPAC IPO – sponsored by affiliates of Ascendent Capital Partners

Hong Kong SPACs

  • Various – Multiple ongoing Hong Kong SPAC IPO processes following the implementation of the Hong Kong SPAC regime under Chapter 18B of the Hong Kong listing rules

De-SPACs

  •  Artisan Acquisition Corp. ongoing de-SPAC transaction with Prenetics
  • Silver Crest Acquisition Corporation ongoing de-SPAC transaction with Tim Hortons China

***A more complete list of experience is available upon request subject to confidentiality for multiple ongoing de-SPACs

Education:

  • University of Cambridge (England)

Updates

7 Sep 2022 | News

Appleby’s Hong Kong office leads the offshore firms for restructuring and insolvency lawyers recognised in IFLR1000

Appleby is the only offshore firm to feature two Hong Kong based lawyers in the list.

Contributors: Eliot Simpson
1 Jun 2022 | News

Appleby’s Hong Kong office strengthens its Corporate Insolvency and Restructuring Practice

We are pleased to be adding Ida’s expertise to the support we provide our clients throughout diffe...

Contributors: Ida Nylund
20 May 2022 | Deals

Appleby advises Artisan Acquisition Corp. on its de-SPAC Business Combination with Prenetics Group Limited

Appleby is pleased to have acted as Cayman Islands legal counsel to Artisan Acquisition Corp. on its...

25 Mar 2022

Four Appleby Partners named amongst the Top 50 Offshore Lawyers by Asia Business Law Journal

The nominations were made by professionals at a wide range of global companies and law firms.  

9 Mar 2022

Appleby advises Endurance Acquisition Corp. on its de-SPAC Business Combination with SatixFy Communications Ltd.

Appleby is acting as Cayman Islands counsel to Endurance Acquisition Corp., a NASDAQ-listed special ...

18 Feb 2022 | News

Hong Kong Managing Partner David Bulley once again named as “Merger and Acquisitions Lawyer of the Year” for the third year running

David completed in excess of USD25 billion of M&A transactions in 2021and is currently working o...

13 Jan 2022 | News

Appleby’s Hong Kong Office recognised as a long-established and well-regarded offshore firm by Legal 500

With clients commenting “they are very professional and pro-active” and “very competent team...

11 Jan 2022 | Deals

Appleby advises China Post on USD128 million investment in ULE Holdings

The Hong Kong team was led by managing partner David Bulley and partner Vincent Chan.

Contributors: Vincent Chan
20 Dec 2021 | News

New Listing Regime for Special Purpose Acquisition Companies (SPACs) in Hong Kong

The new regime is taking effect on 1 January 2022.

Contributors: Angelina Wong

Publications

27 Sep 2022

Prelude to China's 20th National Congress

The 20th National Congress of the Chinese Communist Party, to be convened in the second half of 2022...

Contributors: Angelina Wong
30 Aug 2022

The Cayman Islands restructuring officer regime comes into force on 31 August 2022

These new proceedings will significantly enhance the Cayman Islands restructuring regime.

28 Apr 2022

The New Era of China’s Belt and Road Initiative

It presents new opportunities for the offshore legal space, from the establishment of offshore inves...

Contributors: Angelina Wong
21 May 2021

2021 - A Jekyll and Hyde Year for SPACs

In this article we offer our views on why this has happened and look ahead to the future for SPACs a...

Contributors: Dean Bennett
18 Aug 2020

The facilitation of cross border restructurings in Bermuda, the British Virgin Islands and the Cayman Islands

In this update, we consider the powers and discretion of the domestic courts in Bermuda, the BVI and...

13 Aug 2020

Special Purpose Acquisition Companies (SPACS) make a comeback

In this global article on SPACs we revisit the basics, then look to each of our key jurisdictions fo...

27 Jul 2020

The use of Cayman Islands Structures for SPAC IPOs

Special purpose acquisition companies (SPACs), also known as “blank cheque companies” or “shel...

Contributors: Dean Bennett

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