Hong Kong judge appoints Deloitte as provisional liquidator for beleaguered ATV
Move comes as major creditor, Wong Ching, seeks broadcaster’s liquidation; judge denies appointment of Deloitte will prevent investor Si Rongbin from saving ATV
Beleaguered broadcaster Asia Television is now in the hands of professional managers after the High Court on Wednesday appointed accounting firm Deloitte as a provisional liquidator to facilitate the station's restructuring.
The appointment came two days after the city's media watchdog decided to begin steps that may result in a 30-day suspension of the troubled company's licence.
READ MORE: Beleaguered Hong Kong broadcaster ATV may shut down early if licence is suspended
Meanwhile, the cash-strapped station's woes continue to swell, as its new investor, Si Rongbin, faces legal claims of HK$15 million from Hong Kong-listed company China Innovation Investment over an alleged unfulfilled agreement.
The latest court case was brought by major ATV creditor Wong Ching, who is seeking the liquidation of the broadcaster.
Before appointing the provisional liquidator, High Court judge Mr Justice Jonathan Harris noted that ATV was in a mess.
"ATV doesn't have a functioning board ... It is unable to sign any major agreements," said Harris.
"It's in everybody's interest to appoint a provisional liquidator to restructure ATV," he said, adding that he was not suggesting the professional managers would close down the station's operation.