• Sun
  • Dec 21, 2014
  • Updated: 4:05pm

Bankruptcy

Hong Kong investors at a disadvantage when firms with assets in China go bankrupt

Liquidator Derek Lai says it is a challenge to retrieve mainland assets for offshore creditors and shareholders. Photo: Dickson Lee

The HK$4.1 billion bankruptcy proceedings involving a mainland subsidiary of Hong Kong-listed decorative paper maker Qunxing Paper highlight the risks to investors of acquiring exposure to firms that have the bulk of their assets outside the city.

Friday, 4 April, 2014, 5:19am

A burning paper trail

The bankruptcy of Suntech's China unit sent the parent's US-listed shares down 16 per cent in two days. Photo: AFP

Suntech Power, forced to put its Chinese solar unit into bankruptcy last month, began that slide into insolvency in 2009 when customers linked to the founder could not pay their bills and the company booked the sales as revenue anyway, regulatory filings show.

4 Apr 2013 - 3:35am

China's solar energy industry may see phoenix-like rise

China's solar energy industry may see phoenix-like rise

China's state subsidies during the past two decades have caused cycles of boom and bust for major companies in multiple industries. The latest is solar energy. The bankruptcy declaration this month by Suntech Power, once the world's largest solar-panel producer by sales, has sent shock waves across the industry.

28 Mar 2013 - 7:11am

Fighting the headwinds

ANA is looking overseas for growth as its international passenger revenue jumped 12.6 per cent in the first half to September. Photo: Reuters

Having bucked market trends by posting record earnings for the first half of the year, All Nippon Airways (ANA) now aims to sustain its solid profit growth despite the clouded operating outlook in its home market in Japan.

14 Jan 2013 - 3:01am

Wanxiang gets green light to buy A123's assets

A123 Systems received approval to sell its most of its assets to Wanxiang. Photo: NYT

Wanxiang won court approval to buy most of the assets of A123 Systems, the failed electric-car battery maker backed with US government funds, for about US$256.6 million.

Bankruptcy Judge Kevin Carey approved the sale, which has raised concern from some lawmakers, at a hearing in Wilmington, Delaware, on Tuesday, saying "the auction was robust, the price is adequate".

13 Dec 2012 - 3:34am

China Digest, December 6, 2012

Since the 2008 Beijing Olympics, more than 1.7 million volunteers have been registered to help maintain social stability in the capital, Xinhua reports.

6 Dec 2012 - 4:04am

Singapore's ex-leaders write off political rival's huge debt from defamation case

From left: Goh Chok Tong, Chee Soon Juan and Lee Kuan Yew

Prominent Singapore opposition leader Chee Soon Juan has been discharged from bankruptcy, the government said, after an unprecedented concession by two former prime ministers to whom he owed about S$500,000 (HK$3.2 million).

22 Nov 2012 - 7:17am

Boom city Dongguan faces bankruptcy as village debts soar

A row of empty shops that have been idle for more than nine months – a common sight in what was once a hi-tech heartland.  Photo: May Tse

After three decades of spectacular growth, Guangdong's boom town of Dongguan is on the brink of bankruptcy.

Up to 60 per cent of its villages are running up deficits and will soon need a bailout from the township, researchers at Sun Yat-sen University have discovered.

28 Sep 2012 - 4:27pm 1 comment

Lenders hold fire on ailing shipping firms

Sanko Line, Korea Line and subsidiaries of Berlian Laju Tanker are among a steady stream of Asian and Western shipping companies that have sought bankruptcy protection in recent months, victims of weak freight rates and haemorrhaging cash reserves.

13 Aug 2012 - 9:46am

Bankruptcy for lawyer in HK$780m theft case

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A former partner of international law firm K&L Gates accused of stealing at least HK$780 million of clients' funds was yesterday declared bankrupt by the High Court.

14 Jul 2012 - 12:00am

HK weighs options as Sanko line sinks

Hong Kong's maritime community was weighing the impact on its operations after Sanko Steamship, Japan's fourth-largest shipping company, filed for bankruptcy protection yesterday, four months after trying to seek a deal with creditors.

The filing came 27 years after Sanko made a similar application, only emerging from a court-mandated reconstruction programme in 2000.

3 Jul 2012 - 12:00am

Genmar chapter 11 filing reveals huge debts in HK

Cosco Shipyard along with Hong Kong-headquartered ship management and chandlery companies are among the top 50 unsecured creditors after New York-listed tanker operator General Maritime (Genmar) filed for bankruptcy protection in the United States on Thursday.

19 Nov 2011 - 12:00am

Liquidation specialist warns of mainland risks

The mainland may register only a few bankruptcy cases every year but the numbers hardly tell the true story of the innumerable overseas investors who got burned in ventures there, a liquidation specialist says.

24 Oct 2011 - 12:00am

Liquidator seeks HK$2.7m for unpaid legal bills

Lawyers acting on behalf of a former liquidator of Wing Fai Construction, David Kennedy, have issued a statutory demand for HK$2.7 million against businessman Robert Yip Kwong.

23 Sep 2011 - 12:00am

When all else fails

Bankruptcy is a dirty word. We shrink from hearing about financial failure, yet it is common: the Official Receiver's Office made 3,972 bankruptcy orders in the first six months of this year.

This shows that bankruptcies are creeping up again, mirroring the state of the wider economy.

1 Aug 2011 - 12:00am

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