CDC filed for bankruptcy Oct. 4 to "protect" its creditors and shareholders from a New York state court ruling ordering it to pay almost $ million to Evolution, its largest unsecured creditor. General Information: On October 4, , CDC Corporation (the “Debtor”) filed a voluntary petition for relief under chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Northern District of Georgia (the “Bankruptcy Court”), Case No. (the “Bankruptcy Case”). Oct 09, · CDC Corporation. (NASDAQ: CHINA), the company behind karacto.xyz and many other businesses and the first Nasdaq-listed Chinese internet company has filed for bankruptcy protection, highlighting the company’s years of struggle has finally accumulated to the extent that it couldn’t deal with anymore, driving the company’s stock down more than 50% on Nasdaq.
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Client Login. Court Docket Number List. Date Filed From. Date Filed To. Document Name. American Color Graphics Achaogen, Inc. Moss Clothing Company Ltd. Creditors' Committee Charter Communications, Inc.
DDMG , et al. Deb Shops, Inc. Creditors' Committee Filip Technologies, Inc. Keystone Consolidated Industries, Inc. Creditors' Committee Hawker Beechcraft, Inc. Liquidation, Inc. Ideal Electric Co. Harder Key Plastics Finance Corp. Creditors' Committee Nortel Networks Inc.
Creditors' Committee Plover Appetizer Co. Creditors' Committee Radnor Holdings Corporation, et al. SemGroup, L. Creditors' Committee Tintri, Inc. Kerr-McGee Corp. Tronox, Inc. In re Tronox Inc. Case Filed Date From. Recognizing this, state legislatures, starting with Delaware, have enacted "saving statutes" that can extend liability to managers and shareholders in the event of an opportunistic or fraudulent dissolution. Most C corporations should have provisions in their bylaws that establish procedures for winding up the business's affairs.
Management usually will continue running the business as long as necessary to close out all existing contracts, pay off obligations and distribute the remaining assets. If the dissolution results from conflict among shareholders or a potential exists for fraud and abuse, a court may appoint a liquidator to conduct the dissolution, and this officer will have the power to conduct winding-up operations.
Because of the limited liability a C corporation gives its shareholders, a creditor is seldom able to satisfy its claims by seizing the shareholders' personal property. When a corporation dissolves, creditors are often unable to get payment, which is why many state dissolution statutes, including Arizona's, require the corporation to notify known creditors of the pending dissolution and give them at least days to send in their claim.
If the corporation rejects the claim, the creditor can then file a legal action against the corporation within a specified period before his claim is barred forever. Kevin Doran has been a writer and editor since whose work has been published in the "Southwestern Journal of International Law. Shutting Down an LLC. Share on Facebook. Bankruptcy A business generally fails when it is unable to generate sufficient revenue to cover its expenses and debts.
Dissolution Dissolution effectively ends the legal existence of the corporation and is done through a legal filing with the state of incorporation.