Clarity Medical Says Former Director Declared Bankrupt

MT Newswires Live11-10

Clarity Medical (HKG:1406) said former executive director Tse Wai Ip was declared bankrupt on Nov. 3, following a petition by a former doctor of one of its subsidiaries, according to a Nov. 7 Hong Kong bourse filing.

Upon the order's effect, Tse's assets vested in the Official Receiver of Hong Kong, who will oversee their liquidation and distribution to creditors.

Clarity said Tse no longer has standing to continue his lawsuit against the company, which will now be handled by the Official Receiver.

Its unit, Saintford, which had pursued a HK$1.75 million debt recovery claim against Tse, will submit proof of debt but expects limited recovery.

The company said Tse's bankruptcy will not materially affect operations, adding that his personal debts are unrelated to the group.

Shares of the firm remain suspended from trading.

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