Just a note for people who deal with export/import of goods costing this much or more: it can be very worthwhile looking into credit insurance (specifically, trade/business credit insurance) facilities.

Most of the larger companies have offices in places like Singapore and China so can offer help there, and for reasonable premiums you can be completely covered for things like this (legal fees, collections, remediation, etc.).

I've never had a need, but some friends who run physical goods companies swear by it for reducing risk and, arguably more importantly, stress (big losses from complicated situations like this are almost entirely mitigated).