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JULIE CHU

Two accountants have been appointed as provisional liquidators to secure the assets of Korean cosmetic brand Missha, which suddenly closed all its stores in Hong Kong last month.
During a closed-door hearing yesterday, High Court judge Mr Justice Jonathan Harris ordered Missha (HK) Ltd and export company YT Cheng (Ching Tai) Ltd to be placed into provisional liquidation after learning China Citic Bank International Ltd filed a winding-up petition to Missha (HK) on Monday.
The judge appointed Ted Osborn and Christopher So, both partners of PricewaterhouseCoopers (PwC), to follow the petition.
Missha (HK) Ltd was engaged in selling cosmetics and beauty products under the brand Missha, while YT Cheng traded in plastic raw materials.
The two companies shared the same shareholders, directors and office.
Missha's 21 shops in Hong Kong abruptly closed down on January 2 this year and YT Cheng also ceased operation.
PwC said in a press release yesterday: "There was a lot of uncertainty with regard to the companies' financial position and the whereabouts of the shareholders/directors."
The two provisional liquidators will take preliminary steps to secure and preserve the assets of the companies until the petition takes place.
They also asked any parties affected by the closure of either company to contact them.


Two PwC accountants appointed to secure Missha assets

Missha (HK) Ltd was engaged in selling cosmetics and beauty products under the brand Missha. Photo: Dickson Lee

Korean cosmetics firm Missha suddenly closes Hong Kong outlets

The shutters remain closed in Mong Kok. Photo: Dickson Lee

News

Hong Kong

Two accountants have been appointed as provisional liquidators to secure the assets of Korean cosmetic brand Missha, which suddenly closed all its stores in Hong Kong last month.
