• Fri
  • Dec 26, 2014
  • Updated: 8:00pm

Liquidation

Hong Kong investors at a disadvantage when firms with assets in China go bankrupt

Liquidator Derek Lai says it is a challenge to retrieve mainland assets for offshore creditors and shareholders. Photo: Dickson Lee

The HK$4.1 billion bankruptcy proceedings involving a mainland subsidiary of Hong Kong-listed decorative paper maker Qunxing Paper highlight the risks to investors of acquiring exposure to firms that have the bulk of their assets outside the city.

Friday, 4 April, 2014, 5:19am

Proview's Shenzhen subsidiary faces liquidation

Proview Technology (Shenzhen) is headed for liquidation, just four months after taking a record settlement from Apple for the iPad's trademarks on the mainland.

In a filing with the Hong Kong stock exchange yesterday, parent Proview International Holdings said the Shenzhen Intermediate Court had appointed a liquidation administrator for its debt-mired subsidiary on October 24.

3 Nov 2012 - 3:22am

Retailer Tai Lin ordered to be wound up

Electronic appliances retailer Tai Lin Radio Services was ordered to be wound up after attempts to find a buyer for the company failed. Madam Justice Susan Kwan Shuk-hing, in the Court of First Instance, granted the order yesterday after Tai Lin's lawyer said that the company's provisional liquidator had failed to find a buyer.

3 Mar 2009 - 12:00am

Liquidation woes grow for housing chairman

Laid-off employees of the surveying firm run by Housing Society chief David Lee Tsung-hei complained to police yesterday after he missed an arbitration meeting.

Legislator Lee Cheuk-yan, who is helping the workers, said the Commercial Crime Bureau had accepted their complaints but needed more evidence before deciding whether to investigate further.

9 Jun 2006 - 12:00am

Winding-up guidelines plug gap

Notes for accountants bring SAR more into line with other business centres

New guidelines issued yesterday to accountants acting as liquidators plug a regulatory gap and brings Hong Kong more into line with international practice.

15 Sep 2005 - 12:00am

We've been deserted by officials, say flat owners

A group of flat owners facing liquidation over an 'unfair' $25 million compensation bill accused the government yesterday of failing to deliver on a promise to sort out their problem by the end of last year.

11 Jan 2005 - 12:00am

Ernst & Young faces order

Liquidators of failed Akai Holdings will ask the High Court to force the accounting firm to hand over key documents

A court order is being sought to force Ernst & Young to hand over key documents relating to Akai Holdings, the flagship company of tycoon James Ting that spectacularly collapsed in 2000 after posting a record US$1.72 billion loss.

20 Oct 2003 - 12:00am

FIRM IN LIQUIDATION

Tack Hsin Holdings said mutual fund company Global Diversified Trading (GDT), which holds a 9.97 per cent stake in the Hong Kong-listed restaurant operator, had been put into a voluntary winding-up.

8 Apr 2003 - 12:00am

Northeast Electrical resumes market trade

Trading in the H shares of troubled Northeast Electrical Transmission & Transformation Machinery Manufacturing will resume today after a six-month suspension, it was announced yesterday.

The firm, which for months has grappled with winding-up petitions and hefty account receivables, urged investors to 'exercise extreme caution when trading the shares of the company'.

18 Oct 2002 - 12:00am

Pink founder in the red

Dale Rennie's Australasian Entertainment Company (AEC) has gone into liquidation - apparently dragged under by debts from Pink, its disastrously ambitious Chai Wan mega-club.

27 Aug 2002 - 12:00am

Making directors responsible for insolvent trading, though a good idea, could be difficult

MONDAY MORNINGS are bad enough without having your entire business career dissected, debated and ultimately dubbed a failure in the space of just a few minutes.

Such was the joy of the weekly winding-up list at the height of the Asian financial crisis. Every Monday, Hong Kong's financially challenged would pile into the Companies Court.

3 Jan 2002 - 12:00am

Court names PWC in Win case

The High Court has appointed PricewaterhouseCoopers' Joanne Oswin and Stephen Caswell as provisional liquidators of collapsed brokerage Win Successful Securities.

Meanwhile police yesterday arrested a 42-year-old Win Successful employee who was attempting to leave Hong Kong at Lowu.

29 Jan 2000 - 12:00am

Full-year bankruptcies forecast for fivefold surge

The number of people declaring themselves bankrupt has surged to unprecedented levels and is set to increase more than fivefold on last year's figure.

Seven out of 10 bankruptcy petitions filed at the High Court have been lodged by debt-ridden individuals themselves.

27 Dec 1999 - 12:00am

Winding-up to be dismissed

Sinocan Holdings and HSBC will attend a hearing next Tuesday to dismiss a winding-up petition against the company by the bank. This follows the signing of creditors' documents by all parties concerned. Sinocan's shares remain suspended.

14 Oct 1999 - 12:00am

Gitic creditors have themselves to blame

Read the accompanying table and shudder. It is the latest available record of what Guangdong Trust and Investment Corporation (Gitic) has done to itself.

23 Apr 1999 - 12:00am

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