At a meeting on Nov 15, the board considered its combined financial position, including all of its subsidiary companies in China.
In an update to the Stock Exchange of Hong Kong, the board stated: The combined net liabilities of such subsidiaries in the Peoples Republic of China as at 31 March 2017 could have been RMB10.5bn (US$1.58bn). In view of this, the board has instructed the Cayman legal advisors of the Company to prepare the relevant documentation to place the company into provisional liquidation.
Such steps will take into account, as far as possible, options available to the company to preserve the assets of the Group, it continued.
The announcement was endorsed by the sole remaining director of China Huishan Dairy from that time, …
Read the full article at: https://www.foodnavigator-asia.com/Article/2017/11/23/China-Huishan-Dairy-prepares-for-provisional-liquidation-amid-insurmountable-liabilities
