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SCMP Reporter

The chairman of bankrupt clothing retailer U-Right International Holdings  bounced an HK$8 million cheque several days before the company's collapse, according to a writ filed in the High Court.
In the writ, William Yuen Chu-ming is demanding that  Leung Ngok  pay the sum plus interest.
Mr Leung could not be reached for comment yesterday.
Mr Yuen  claimed that Mr  Leung, 49, had not paid the money 'despite repeated requests and demands'.
It is unclear what the relationship was between the two men, or why Mr Leung allegedly owed money to Mr Yuen.
Mr Leung, who founded U-Right 25 years ago, was paid about HK$1.3 million in the last financial year, according to U-Right's last annual report.
He and his family were the company's single largest shareholders.
U-Right became a victim of the global credit crunch  this month when it was forced into liquidation. That ended Mr Leung's plan to more than double the number of U-Right outlets.
The company had about 90 stores in Hong Kong and 500 franchised outlets on the mainland.
Efforts to find a buyer for the company failed.
U-Right's share price fell almost 70 per cent in the month before its October 8 bankruptcy, and the company admitted that it was unable to satisfy written demands for debt repayments of HK$850 million.
In a statement on September 26, U-Right said it owed about HK$1.2 billion to 18 banks and other financial institutions.
U-Right had planned to raise at least HK$214 million through a rights issue, but the financing was scrapped by its underwriter, which cited 'uncertainties in the financial outlook  of the company and the adverse  conditions in worldwide financial markets'.
Two other store chains went into provisional liquidation   earlier: Peace Mark (Holdings),  Asia's largest luxury watch retailer, and swimwear maker Tack Fat Group International.



U-Right boss bounced cheque, writ says