Sportswear maker China Sports International has asked the High Court to have the company placed under judicial management.
The firm, which makes sports apparel accessories under the Yeli brand in China, has proposed appointing Deloitte & Touche to run its affairs during the judicial management period.
The court has yet to fix a date to hear the application, which was lodged on Monday.
China Sports announced on March 20 that it might be involved in past or ongoing lawsuits that were not previously disclosed.
The board said then that it was seeking information from chief executive Lin Shao Xiong.
China Sports shares have been suspended since Dec 4 last year, after it requested a voluntary trading halt until an audit process was under way.
The company failed to convene its annual general meeting for the 2017 financial year, which raised concerns among independent directors.
China Sports wanted an extension of time but this was rejected.
It also said last December that it had received a statutory demand from the legal advisers of RHT Corporate Advisory for $50,839.25 in unpaid fees.
If it failed to repay this within three weeks from Dec 15, the firm said RHT would be entitled to commence winding-up proceedings.