Following the winding-up of the Company on 29 August 2011, Nichole Chan and Stephen Briscoe were appointed joint and several liquidators of the Company on 26 October 2011. This appointment was made by way of a Regulating Order pursuant to s.227A of the Companies Ordinance. A committee of inspection was also appointed comprising 7 creditors.
Regulating Orders are used only infrequently in Hong Kong and in this case the application was made to avoid the substantial costs that would have been incurred in convening a meeting for in excess of 520 creditors.
As part of the order, the liquidators were given sanction by the Court to make use of their website to provide information to creditors and thus substantially avoid the costs of communicating by post. To facilitate this, creditors will be given access to a password protected part of the Briscoe Wong Advisory website where the liquidators will post information about the liquidation as appropriate.