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GLOBAL MERCHANT FUNDING LIMITED. GMF FINANCE LIMITED.

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

On 14 April 2016, the abovementioned companies were placed into voluntary liquidation pursuant to Section 228A of the Companies (Winding Up and Miscellaneous Provisions) Ordinance and John Robert LEES and TSUI Chi Chiu were appointed Joint and Several Provisional Liquidators.

We are now reviewing the financial affairs of the companies. We will convene a Creditors Meeting to be held on or before Thursday 12 May 2016,

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.

Thousand Jade International Limited

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

Thousand Jade International Limited
(In Creditors’ Voluntary liquidation)

Thousand Jade International Limited (“Thousand Jade”) is a company incorporated in the British Virgin Islands (“BVI”). Thousand Jade was one of the substantial shareholders of Oriental Unicorn Agricultural Group Limited, a company listed on the GEM Board of the Hong Kong Stock Exchange. By a qualifying resolution of the shareholder of Thousand Jade passed on 14 August 2014,

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.

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.

Since their appointment of the Administrators / Liquidators, the Liquidators have only been able to identify minimal realisable assets held in the name of DIM, DFL or DGA

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

INFORMATION FOR CREDITORS

DESCARTES INVESTMENT MANAGEMENT LIMITED (“DIM”)
DESCARTES GLOBAL ASSET MANAGEMENT LIMITED (“DGA”)
DESCARTES FINANCE LIMITED (“DFL”)
(All In Liquidation) (Summary Cases)
DESCARTES ATHENA FUND SPC (“DAF”)
(Administrators Appointed)

Reference is made to an Injunction Order granted by the High Court of the HKSAR on 27 April 2009 against two individuals and companies related to/ operated by them,

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,