Zhejiang Hozon New Energy Automobile, the owner of Chinese electric vehicle brand Neta, officially entered bankruptcy proceedings on Thursday, China's state broadcaster CCTV reported on Friday, Reuters reported. Multiple Neta stores in Shanghai have been closed, the report said. According to China's national corporate bankruptcy disclosure platform, a creditor last month filed a bankruptcy petition against the firm. Read more.

Hong Kong recorded 949 bankruptcy petitions in May, up 17 percent from the previous month, marking the first time since 2022 that monthly filings exceeded 900, data from the Official Receiver's Office shows, The Standard reported. The figure is also 9 percent from a year ago. However, the number of bankruptcy or receiving orders issued by the court dropped to 712 last month, down over 24 percent from April, though still up around 14 percent year-on-year.

A court on Friday approved a request to allow discount store chain Homeplus Co. to pursue a merger and acquisition (M&A) deal before a court decision on whether to approve its rehabilitation plan, the Korea Times reported. The Seoul Bankruptcy Court approved Homeplus' pursuit of the M&A deal and the selection of an M&A adviser prior to its rehabilitation plan-related court ruling.

Former England footballer Trevor Sinclair has been declared bankrupt after a judge accused him of “burying his head in the sand” for failing to pay a five-figure amount related to his media work in 2021 and 2022, Sportstar reported. Sinclair, a 2002 World Cupper with the Three Lions, joined the Indian men’s team as part of its coaching staff during the AFC Asian Cup in Doha, Qatar, in January 2024. However, the team failed to score any goals and exited in the group stage after losses to Australia, Uzbekistan, and Syria.