26 July 2023, Hong Kong – Briscoe Wong Advisory Limited is assisting with the liquidation of Castelo Investments Limited, Bringsky Investment Limited, Happy Dragon Hong Kong Limited and Max Ocean Group Limited. The following nine restaurants operated by the companies ceased business on 26 July 2023:- Name of Restaurant Address Jaspa’s Unit B, G/F, Manhattan…
Continue ReadingPress Release – Divine Food Service Limited (In Creditors’ Voluntary Liquidation) trading as Crostini
7 November 2022, Hong Kong – Woody’s Company Limited is interested in purchasing all the unexpired vouchers issued by Divine Food Service Limited (In Creditors’ Voluntary Liquidation) trading as Crostini. The purchaser will only purchase original vouchers with an expiry date on or after 14 September 2022. Eligible vouchers will be purchased based on the full…
Continue ReadingDraft CVL Bill Open to Abuse
By Stephen Briscoe The draft bill was put into the public domain on 10 July with an 18 day period for parties to make representations. The draft bill runs to 77 pages, whilst the draft notes run to another 20 pages. To suggest that a draft bill that, (it must be assumed), has been several…
Continue ReadingPotentially Voidable Transactions in Hong Kong Liquidations
By Wong Teck Meng In recent months we have come across several situations where directors of companies have got themselves into difficulties – simply because they were trying to help the company get out of its difficulties. In this post we will explain how those difficulties arose and offer some practical advice as to how…
Continue ReadingOfficial Receiver’s Panel Scheme Tender for 2014
The Race To The Bottom Continues Another year another tender. Well, not quite. In this case the tender only comes around every two years, but one thing that doesn’t change is the inexorable downward pressure on fees. For this year’s tender, the average is HK$1,600, slightly below the 2012 average of HK$1,768. Individual tenders ranged…
Continue ReadingS.228A Liquidations – Take Care!
Recently, the Court was asked to consider the circumstances in which it was appropriate to use the s.228A procedure to place a company into liquidation. Given that liquidations started using this procedure are relatively infrequent, it is unusual to see the question of its use come before the court. The background was that as a…
Continue ReadingTo Sue or not to Sue – A Liquidators’ Perspective
By Wong Teck Meng & Derek Lam Time and time again liquidators of insolvent companies and trustees of bankrupts are faced with potential litigation which they must decide whether to commence or continue. This is the first of two posts which aims to put into perspective the risks faced by liquidators and trustees alike and…
Continue ReadingPanel T Appointments – The Dilemma
In 1996 Hong Kong’s Official Receiver’s Office (“ORO”) introduced what was known at the time and still is for that matter, as Panel A (Administrative Panel of Insolvency Practitioners for Court Winding-Up). Panel A, as many readers will know, was designed to enable non-summary liquidations i.e. those with assets in excess of $200,000 to be…
Continue ReadingResults of the Official Receiver’s Panel T Tender for Summary Liquidations
It’s that time of the year again when the Hong Kong Administration announces the outcome of its latest tender for private-sector firms to undertake summary liquidations. The results of the latest tender can be found here on the Official Receiver’s website. The average tender price in 2010, the last time the tender was held, was…
Continue ReadingRegulating Order Obtained in Yu Kee Food Company Limited
(In Compulsory Liquidation) 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…
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