China Medical


China Medical is a Cayman Islands holding company with subsidiaries in BVI, Hong Kong and the PRC.
KRyS Global was appointed liquidator of China Medical jointly with an insolvency firm in Hong Kong to investigate the loss of $600 million (allegedly misappropriated) and to recover the related assets.
KRyS Global had no access to the operating company’s books and records and the company’s management, directors, and service providers in Hong Kong and China all refused to cooperate.


KRyS Global sought recognition of the liquidation under Chapter 15 of the United States Bankruptcy Code, given its many United States investors and NASDAQ listing, which enabled KRyS Global to subpoena documents from various third parties and service providers.

KRyS Global also sought a Hong Kong liquidation of the Cayman holding company. These actions resulted in access to millions of documents and enabled KRyS Global to trace the flow of funds in and out of China Medical.

Value Added:

By creatively utilising the insolvency laws of the various jurisdictions, KRyS Global was able to gain access to evidence to demonstrate the movement of funds out of the company for the purposes of the ongoing investigation and litigation.