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The ABI Guide to Cross-border Insolvency in the United States

Year: 2008

Pages: 92

Publisher: American Bankruptcy Institute

This Guide is a must-read for any practitioner involved in international insolvency issues. The authors address the history of the UNCITRAL Model Law on Cross-border Insolvency, which the United Nations Commission on International Trade Law adopted in 1997 after five years of meetings and discussion. Thirteen states have now adopted this law, which includes the United States' adoption...

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Citic Pacific Chairman Yung Resigns on Police Probe

Published in

Larry Yung quit as chairman of Citic Pacific Ltd. after the biggest currency loss reported by a Chinese company triggered a police investigation, Bloomberg reported. Yung, the son of a former Chinese vice president, will be replaced by Chang Zhenming, 52, the vice chairman of parent Citic Group, Citic Pacific said in a statement to the Hong Kong stock exchange today. The 67-year-old executive, ranked the nation’s richest man in 2005, is leaving after currency losses of HK$14.6 billion ($1.9 billion) forced him to seek help from Beijing. The investment company controlled by China’s cabinet is subject to a police probe for alleged false statements and conspiracy to defraud. Citic Pacific is down 35 percent in Hong Kong trading since disclosing the loss in October, compared with the 6 percent decline in the benchmark Hang Seng Index. The stock has been suspended since April 3. Read more.

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