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If, despite everyone’s best efforts, a turnaround is just not possible and a company is insolvent, the only way for creditors and investors to try to recover assets and realise a return through the statutory procedure of liquidation.
We can act as liquidators for both voluntary and compulsory liquidations. We can also act as provisional liquidators or special managers during the period leading up to the creditors’ meeting at which liquidators are appointed. We have acted as liquidators/provisional liquidators in some of Hong Kong’s largest and most complex corporate liquidations: high profile cases that include Anglo Starlite Insurance, HIH Insurance, Peregrine, CA Pacific group companies and Missha (HK) Limited.
From time to time, some organisations will find they need to eliminate inactive companies that have become redundant. When that happens, we can provide corporate simplification services that serve to reduce operating costs and create streamlined corporate structure.
Here at PwC, we can guide you through how best to shape this type of project, and we’ll point out any potential problem areas. Once engaged, we’ll undertake a preliminary review of the redundant entities and advise on the most appropriate route to eliminate them. The preliminary review will also identify issues that need to be addressed prior to dissolution. We can tailor our involvement to match your corporation’s specific needs and available resources.
We can act as liquidators for solvent voluntary liquidations and as advisors to the board of directors or shareholders of a target company. We can manage such projects from start to finish.
Mainland China and Hong Kong Restructuring & Insolvency Leader, PwC Hong Kong
Tel: + 2289 5010