When Chinese property developer Agile Property Holdings Ltd. said this month that its chairman was taken into custody by authorities, the disclosure was a shock to Western banks that lent the company money, The Wall Street Journal reported. Foreign lenders in China have been stung by a string of suspected fraud cases and problem loans in the country as Beijing investigates company executives and seizes assets in a crackdown on corruption. Agile Property has a large debt payment due in December and has been scrambling to raise funds.

The finance ministry yesterday handed parties the drafts of three bills concerning the insolvency framework, seen as providing an extra ‘safety net’ to debtors who have fallen on hard times, CyprusMail reported. The framework will be made up of six bills. The ministry has asked party experts to a meeting on October 31 to discuss the drafts, just as the Supreme Court is expected to hand down a verdict on the validity of the foreclosures bill demanded by the troika of international lenders.

Indian banks have only two quarters left to restructure stressed assets without significantly dragging down their profits—a fact that’s prompting banks to step up the recast of loans that may eventually need restructuring, Livemint.com reported. Effective 1 April 2015, the Reserve Bank of India’s regulatory forbearance, under which banks were allowed to qualify restructured assets as standard, will come to an end. For now banks are setting aside 5% of the value of the loan to cover the risk of default on any restructured assets.

Wellington-based aviation company Vincent Aviation, which has about 30 workers, has gone into receivership, Stuff.co.nz reported. In a public notice released today, Stephen Tubbs from BDO was appointed receiver of the company, which was established in 1990 and is based at Wellington Airport. The move comes after an application to liquidate the company was lodged last week lodged in the High Court by ANCL Investments. Owner Peter Vincent said last week that the action taken by ANCL Investments was a "serious situation" for his company.

The Cabinet yesterday green-lighted the establishment of a project team tasked with implementing new insolvency procedures, CyprusMail reported. According to a statement, the team will comprise of at least three officers from the Department of Companies and Official Receiver, as well as the finance ministry, which is the project manager.

CSA Czech Airlines said that its key shareholder Korean Air Lines Ltd. has agreed to inject fresh capital into the country’s flagship carrier as it seeks to overcome its current financial struggles, The Wall Street Journal Emerging Europe blog reported. “The offered sum is within expectations of CSA laid out in the company’s restructuring plan,” CSA Czech Airlines’ spokesman Daniel Sabik told the Wall Street Journal Thursday, referring to the required maximum financing needs that in September were estimated at about $20 million.

Korea's leading robot vacuum cleaner manufacturer Moneual has filed for court receivership after failing to pay bonds worth 500 billion won ($474.1 million) that matured last week, The Korea Times reported. The Suwon District Court will soon decide whether to approve its request. Major creditors include the National Agricultural Cooperative Federation, the Korea Development Bank and the Industrial Bank of Korea.

LDK Solar Co., the Chinese solar-cell maker that defaulted on its bonds this year, filed for bankruptcy in the U.S. to help carry out restructurings already under way in Hong Kong and the Cayman Islands, Bloomberg News reported. Xinyu, China-based LDK filed for Chapter 15 protection today in Wilmington, Delaware, listing about $1.13 billion in debt and $510 million in assets as of May 31. Chapter 15 is the section of the bankruptcy code used by foreign companies restructuring abroad to fend off creditors and distribute payments in the U.S.

As the Cypriot economy reeled from the collapse of its second-largest bank in 2013, the European Central Bank faced a thorny question: Should it keep the institution, Cyprus Popular Bank, alive with short-term loans or pull the plug? By many financial measures, the bank was failing, the International New York Times DealBook blog reported in an analysis. Stung by a disastrous bet on Greek government bonds, Cyprus Popular Bank had been in trouble for the better part of 2012 and depositors were withdrawing their savings in ever larger numbers. It needed cash and fast. Under E.C.B.

International Monetary Fund Chief Christine Lagarde lamented last week that the world has “too little economic risk taking, and too much financial risk taking.” In the Philippines, there might be both, Bloomberg News reported. Companies in the Southeast Asian nation eager to make acquisitions and capital investments are piling on foreign debt, in the process leaving the economy vulnerable should emerging-market currencies get roiled again.