ACCOUNTANTS from Deloitte Touche Tohmatsu will be nominated as liquidators on January 16 to wind up a giant China trading entity against which a small British company has won a judgment. At a creditors meeting the accountants will be put forward as liquidators of China Tianjin International Economic and Technical Co-operative Corp, which has been ordered by a British judge to pay more than GBP3 million (about HK$36.1 million) in damages and interest to Zoneheath Associates, a venture run by entrepreneur and investor Richard Gosling. It could be the largest liquidation in Hong Kong since the Government ordered the winding-up of the Bank of Credit and Commerce (Hong Kong). The accountants will be directed to find assets, and sequester Hong Kong assets of the mainland entity - said by Mr Gosling to include a commercial property in Tsim Sha Tsui. Mr Gosling said a business deal between Zoneheath and China Tianjin went wrong and he later obtained a British High Court judgment ordering the Chinese entity, described as the 14th biggest Chinese trading entity, to pay damages of more than GBP3 million after negotiations failed. To recover the cash Mr Gosling then sought a winding up order in Hong Kong so that assets believed to be held here could be seized. A local Supreme Court winding-up order was granted on December 14. Russell Bennett, of law firm Wilde Sapte, which obtained the Hong Kong judgment, confirmed that Deloitte was willing to take the job on. 'I think they will be quite happy to act,' Mr Bennett said, adding that the man likely to be running the operation was Joseph Lo, a partner at the firm in charge of corporate restructuring. Mr Gosling said Deloitte senior partner Dermot Agnew would also be involved closely with the winding-up. 'I am delighted that two such senior and well-respected figures from one of the world's top accountancy firms agreed to serve as joint liquidators,' Mr Gosling said. The job could be perceived a poison chalice: the firm taking it could risk angering the whole of China Inc by taking it on and Deloitte is said to have had substantial success in winning China business, especially in the B-share floats. Estimates vary, but as many as half of China's state firms are said to be in the red.