CHINA MAX restaurant and bar is no more. The New China Max, with a 2.7-metre alien figure towering in the doorway to a smoky cave, has arisen in its place. The Times Square eatery, which cost about $30 million to create, has been taken over by the Hong Kong Parkview Group Ltd, 14 months after its launch. China Max closed on May 2 and Carnforth Enterprises Ltd, registered in the British Virgin Islands and trading in Hong Kong as China Max, was put into liquidation and all staff dismissed. But on Friday, a new company called Multi Gain Management Limited opened the New China Max on the same premises. 'Staff were re-interviewed and most of us rehired,' says promotions head Frances Aguilaroro. The demise followed months of desperate measures to stave off the end and the departure in February of free-spending founder Max Schnallinger. Sources said the new owners paid nothing to China Max for expensive East-meets-West fittings and will take no responsibility for its large debts. Creditors are crying foul over the debts they say the restaurant left in its wake. 'This is just a way of carrying on their business without paying their debts,' said one creditor, as the new restaurant prepares for a grand opening on May 18. Ms Aguilaroro said the new owners are a group of anonymous investors connected to a company called Blue Chip Limited. 'The New China Max will be more of a funland,' Ms Aguilaroro said. The old China Max limped along with a reduced entertainment focus in its last months. New plans include an aggressive entertainment package.