This follows after JES was declared bankrupt by a Chinese court in Zhejiang in October 2018, three years after it ceased operations due to a major financial crisis.
At the time, the company reported that the court decision was made after its judicial managers failed to submit a draft of a revival plan according to schedule.
Mainly, the company stated that the trading halt that occurred on March 2015 continues.
In the early days of 2018, the company didn't manage to sell its shipbuilding subsidiaries.
Consequently, the company thought of disposals after the group experienced commercial uncertainty from bank debts and delays in its restructuring process.