A MEETING of creditors of one of China's largest state-owned enterprises will be held within weeks to select a liquidator to wind up the company.
The winding up order given to China Tianjin International Economic and Technical Co-operative Corp was decided by the Hong Kong Supreme Court after the company failed to pay damages of more than GBP3 million (about HK$36.3 million) awarded by a British court for a collapsed joint venture with a British company, Zoneheath.
However, recovering a state-owned company's assets on the mainland is a relatively complex problem.
Foreign countries depend on international law to recover assets and the order of the Hong Kong court is not recognised there.
The Official Receiver Robin Hearder said: 'Usually those winding up orders do not operate outside our jurisdiction.'
