DESCARTES INVESTMENT MANAGEMENT LIMITED
DESCARTES GLOBAL ASSET MANAGEMENT LIMITED
DESCARTES FINANCE LIMITED
DESCARTES ATHENA FUND SPC

Written By: on ADMINISTRATION, INSOLVENCY MANAGEMENT, LIQUIDATION

I refer to the announcement made by the Securities and Futures Commission (“SFC”) on 6 May 2015, regarding the agreement reached by the SFC with Bestmega / NBS.

I would like to draw your attention that the agreement will be valid only once approved by the respective Courts in Hong Kong and the Cayman Islands.

Tiger Asia Management LLC – Remittance of unclaimed Compensation Monies to Court

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

NOTICE IS HERBY GIVEN THAT all unclaimed Compensation Monies have been remitted to Court by the Administrators.
Investors who would like to claim these monies should apply in writing, by quoting the reference HCMP 1502/2009 and the Investor Reference Number, to the High Court Registry at:

Registrar, High Court
Accounts Office, High Court
LG 211,

NOTICE TO CLIENTS OF SALISBURY SECURITIES LIMITED

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

On the application of the Provisional Liquidators of Salisbury Securities Limited (“Salisbury”) in Companies Winding Up Proceedings No. 165 of 2013, the Court made various directions on 27 February 2014 concerning the allocation and distribution of Securities and Monies held by Salisbury on behalf of clients.

Amongst the directions made by the Court, were directions that:

1.

Tiger Asia

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION, Uncategorized

On 20 December 2013 the High Court of the Hong Kong Special Administrative Region, on the application of the Securities and Futures Commission, appointed Messrs John Robert Lees and Kok Wing Chong as Joint and Several Administrators of Tiger Asia Management LLC (“Tiger Asia”). The Administrators are empowered to distribute the sum to investors affected by the dealing in the securities of Bank of China Limited (Stock Code 3988) and China Construction Bank Corporation (Stock Code 939) conducted by Tiger Asia.

Du Jun

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

Du Jun On Thursday 12 December 2013, we were appointed Administrator to administer a total sum of HK$23,964,440 (the “Funds”) paid by Mr Du Jun, a former managing director of Morgan Stanley Asia Limited to 297 investors pursuant to a Court Order dated 12 December 2013.

Under the restoration orders made by the Court, we will administer and distribute the Funds to 297 investors.

Winding-up Order granted against Salisbury Securities Limited

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

SALISBURY SECURITIES LIMITED (In Liquidation) (“Salisbury”)COMPANIES WINDING-UP NO. 165 OF 2013

On Monday 24 June 2013, we were appointed Joint and Several Provisional Liquidators of Salisbury by an Order of the High Court of the Hong Kong Special Administrative Region on the application of the Securities and Futures Commission (“SFC”) of Hong Kong, pursuant to Section 193 of the Companies Ordinance.

JLA Asia Limited appointed as Provisional Liquidators of Salisbury

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

SALISBURY SECURITIES LIMITED (Provisional Liquidators Appointed) (“Salisbury”) COMPANIES WINDING-UP NO. 165 OF 2013

On Monday 24 June 2013, we were appointed Joint and Several Provisional Liquidators of Salisbury by an Order of the High Court of the Hong Kong Special Administrative Region on the application of the Securities and Futures Commission (“SFC”) of Hong Kong, pursuant to Section 193 of the Companies Ordinance.

JLA Asia consultant Prof Shuguang Li in the news.

Written By: on RESTRUCTURING & ADMINISTRATION Leave a Comment

China restructurings may rise in 2013
Under China’s new leadership, the number of state-invested companies requiring restructuring may increase, presenting PE with an opportunity, according to a mainland research center.

Michelle Phillips
China’s leadership handover next month is expected to result in an acceleration of the number of domestic companies in need of restructuring or reorganisation,

JLA Asia continues to grow its Chinese practice with the appointment Professor Li Shuguang

Written By: on INSOLVENCY MANAGEMENT

JLA Asia is delighted to announce that the highly respected academic, Professor Li Shuguang, has joined our team as an advisor to the firm. Since the mid-1980s, Professor Li has been conducting research on bankruptcy and restructuring in China and is a pioneer in China in the field of insolvency and restructuring.
Professor Li is the Chairman of the China Bankruptcy Law and Restructuring Research Center,

Liquidation of bankrupt China Southern Securities is drawing to a close

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

Established in 1992, China Southern Securities (“CSS”) was one of the largest securities brokerages in China. In 2002, CSS increased its registered capital to RMB 3.458 million.

In early 2004, due to poor management and alleged misuse of client funds, the Shenzhen local government took over the control of CSS. The China Securities Regulatory Commission revoked the securities business license of the brokerage and,

Reorganization of Lenovo Group

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On 5 January 2013, Lenovo Group announced a corporate reorganization which divides its operations into two business groups, the Lenovo Business Group and the Think Business Group. The Lenovo Business Group will focus on mainstream and lower-end product categories including consumer and commercial PCs and tablets, along with smartphones, and the Think Business Group will focus on developing premium products for commercial and consumer segments,

Will the Beijing-Guangzhou High-speed Railway face insolvency in the future?

Written By: on INSOLVENCY MANAGEMENT, Uncategorized

The Beijing-Guangzhou high-speed railway opened on 26 December 2012. With the two cities now linked up, travellers from one city can reach the other city in approximately 7 hours.

The cost of a train ticket from Beijing West to Guangzhou South ranges from RMB 712 to RMB 2727. Most people think the cost is almost as high as the cost of an air ticket.

Restructuring of China’s Automotive Industry

Written By: on RESTRUCTURING & ADMINISTRATION

There has recently been news regarding the restructuring of Fujian Motor Industry Group Corporation (“Fujian Motor”) led by the Fujian Development and Reform Commission. There have been several talks on the restructuring of Fujian Motor in the past, but nothing has been official.

In 2009, Fujian Motor and Beijing Automotive Industry Holding Corporation (“Beijing Auto”) were in talks over Beijing Auto’s plans to acquire a 40% stake in Fujian Daimler Automotive.