THE problems at Swilynn (Hongkong) stem largely from a string of acquisitions and expansions begun soon after it listed in April 1989.
The company adopted the Bermuda-incorporated Swilynn International holding company structure later that year.
Swilynn (Hongkong) has since then essentially been a holding company but has ended up lumbered with some of the group's most troublesome debts, mostly to non-bank trade and other creditors.
The year after it first listed was one of expansion for the ambitious group, under the stewardship of chairman Ngan Ping-woon.
In July 1990 it launched a cash offer for troubled television, audio and telecommunications company Teletech International, eventually building a 89.37 per cent stake for an outlay of about $500 million.
Most of that holding has since been sold at a massive loss.