We have acted as liquidators of several hundred insolvent companies in Hong Kong in a wide range of industry sectors including construction, leisure, manufacturing, import and export, property, petrochemicals and professional services.
Our role as liquidator is to realise the assets of a company for the best possible price and distribute them among the creditors in accordance with their priorities under the Companies Ordinance. See here for a more detailed explanation of the compulsory liquidation process and here for the creditors’ voluntary liquidation procedure.
We are also required to investigate the reasons for the failure of the company and to uncover any transactions which have taken place to the detriment of the creditors. Frequently these transactions can be set aside resulting in additional recoveries for the benefit of creditors. We have considerable experience of undertaking this type of investigation.
It is often the case that when confronted with the evidence of these transactions the beneficiary will be prepared to reach a commercial settlement with the liquidator thus avoiding potentially costly litigation.