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In January 1998, Peregrine Investments Holdings Limited, once billed as ''Asia''s only indigenous investment bank'', was forced into liquidation after the revelation of huge losses in its fixed-income business and the withdrawal of potential investors from Europe and the United States. Peregrine became the highest profile corporate failure in the Asian financial crisis to date. A firm that seemed to be on the top of its world in early 1997 had collapsed under a pile of bad debts less than a year later. Peregrine''s demise raised questions about how the firm might have avoided the debacle. This case can be used to teach corporate governance and strategy development in volatile environments.