Credentials

 

  • We were appointed as liquidators of a shipping company with numerous charter agreements with counterparties in multiple jurisdictions. We commenced and completed numerous legal proceedings, including arbitration proceedings, being successful in all but one, resulting in significant recoveries for the benefit of creditors throughout the world.
  • Two of our directors were appointed as directors of a Cayman Island Private Equity Fund. Our role was to act on behalf of the Limited Partners in safeguarding the investments of the Fund that were in danger of being dissipated; establishing improved corporate governance; and creating a situation where the Fund could continue to generate returns for the Limited Partners and offer an exit route on appropriate terms.
  • We were appointed as provisional liquidators of a Company manufacturing high quality furniture in PRC, selling to retailers in Europe and the USA. Management was deadlocked and the Company was suffering severe cash flow difficulties resulting from an expansion of its manufacturing facility at the time of the 2008 downturn. As provisional liquidators we were able to stabilise the situation, advertise the various parts of the business for sale and, with the consent of the Court, execute a sale. The result was a saving of the majority of the Company’s jobs and a greater recovery for creditors than would have been the case in a liquidation. This was an excellent example of the use of provisional liquidation to facilitate corporate rescue in Hong Kong.
  • We were appointed liquidators of a Hong Kong company with a WFOE in PRC. Although the factory premises in PRC were about to be sealed, through negotiations with various parties we were able to avert its disposal by auction; find a purchaser for the subsidiary as a going concern through a share sale in Hong Kong; and generate sufficient funds to pay the preferential creditors in full and a dividend to unsecured creditors.
  • As provisional liquidators and then liquidators of the Hong Kong subsidiary of a European mail order company, we continued the trading operations of the company which sourced products from numerous factories in PRC, delivering them to customers in Europe. Our ability to maintain relationships with the PRC suppliers was instrumental in ensuring a continued supply of goods to the European parent company, whilst it was searching for a buyer for its business. An innovative exit strategy resulted in a greater recovery for creditors than through the traditional compulsory liquidation route.
  • We were initially appointed as provisional liquidators and subsequently as liquidators of a chain of grocery stores in Hong Kong employing more than 250 employees at more than 30 different locations. Because of the large number of creditors, (in excess of 500), we were able to apply successfully to the Court for a Regulating Order.
  • We acted as provisional liquidators to facilitate the rescue of a construction company in financial difficulties. We were able to find a purchaser for the company, which had government construction licences, and to generate sufficient funds to pay the preferential creditors in full and a return to the unsecured creditors. In a liquidation there would have been no distribution to any class of creditor.
  • Investigating the affairs of a bankrupt, formerly a director of a listed company in Hong Kong, over a period of two years, enabled us to generate recoveries for the benefit of his creditors. These recoveries were in respect of undisclosed assets, which only came to light as a result of our investigations.
  • Following our appointment as liquidators of three related trading companies, based on the information presented to the respective meetings of creditors it appeared that there was no prospect of a recovery for any class of creditors. The liquidators’ investigations resulted in a challenge to a debenture created in favour of certain connected parties. The liquidators had no funds to pursue legal action, they were successful in negotiating a settlement, which resulted in a distribution to the unsecured creditors of one of the companies.
  • We were instructed to assist the Canadian Trustee of an insolvent company, which owned a Wholly Foreign Owned Enterprise in PRC. The WFOE was itself insolvent, but as a result of our involvement, we were able to find a purchaser for the company. The result was a substantial return to the parent company in Canada, from what was an insolvent investment.
  • We were appointed by the Court as Receivers of assets being shipped through Hong Kong by an Indian company to the central bank of a South American country. The appointment was to secure a London Arbitration Award against the Indian company in respect of a debt due to a UK company. Following our appointment we were able to sere a number of shipping containers, the effect of which was to persuade the debtor company to settle the Arbitration Award.
  • We assisted in the disposal of the business of a solvent company in Hong Kong, under the control of a BVI registered company, which was itself in solvent liquidation. The sale process, which we controlled, resulted in a significant return to the shareholders, greater than envisaged when the company was originally placed into liquidation.
  • We assisted the directors of a listed company in preparing one of its subsidiaries to propose a scheme of arrangement. We worked closely with management to prepare a financial model in support of the scheme, which once approved helped to pave the way for the resumption of trading in the parent company’s shares on the Hong Kong Stock Exchange.