Ambow Education Holdings Ltd of China was ordered by a court to go into provisional liquidation. This is a move that could put a stop to the ongoing conflict between the CEO and its external shareholders. Amongst these external shareholders are Macquarie, Baring Asia and Avenue Capital.

A Cayman Islands court had issued the said order to Ambow, which is a New York listed private school and training company. The same court had appointed KPMG associates as provisional liquidators. This narration was contained in a statement dated June 10 circulated by Ambow Education.

This is a result of an April 23 petition filed in court by Avenue Capital Group that had accused the CEO and President of Jin Huang as obstructing an internal investigation into alleged ghost transactions and under the table kickbacks 

Avenue Capital is Ambow's largest independent shareholder. Other external shareholders, Namely the Macquarie Group Ltd and Baring Asia Private Equity had signed on with the petition. In its defense, Ambow said that the said allegations were without any factual or logical basis.

The share values of Ambow had dropped by 87% from January to March 22. It was on this date that trading of Ambow stock had been halted at the NYSE.