Corporate Insolvency

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.

Corporate simplification

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.



Corporate insolvency

  • We can assist in the winding up of overseas companies –including those incorporated in British Virgin Islands, Caymans Islands, Bermuda and other jurisdictions – through our global network of professionals.
  • We can also act as the insolvency practitioner and work in consultation with creditors to deliver solutions that reflect the wishes of the stakeholders and maximise returns.

Corporate simplification

  • reduce ongoing costs of maintaining redundant entities in Hong Kong and overseas
  • free up management time spent dealing with such entities
  • reduce the risk of perceived corporate governance breaches.

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Our experience

Anglo Starlite Insurance:

  • Liquidation of the largest motor insurer for taxis in Hong Kong with more than 270,000 policies and HKD1.3 billion in claims.

HIH Insurance (HK):

  • Liquidation and Scheme of administration of the sixth largest general insurer in Hong Kong with 24,000 policy holders and HKD1 billion in claims.

CSA Absolute Return Fund: 

  • Liquidation and scheme of arrangement of a hedge fund with 1,700 investors globally and USD200 million of creditors.

CA Pacific:

  • Liquidation of former top 20 stock brokerage with over 10,000 clients and HKD1.4 billion claims for shares.


  • Liquidation of the largest investment bank in Asia outside of Japan, involving 250 group companies and 30 offices in 15 countries, and USD20 billion of group liabilities.

Missha (HK) Limited:

  • Provisional liquidation of the cosmetic retail chain in Hong Kong and Macau, involving 21 retail stores and over HKD250 million of group liabilities.

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Of further interest

Contact us

Ted Osborn

China and Hong Kong Restructuring & Insolvency Leader

Tel: +[852] 2289 2299

Victor Jong


Tel: +[86] (21) 2323 3650

Christopher So


Tel: +[852] 2289 2577

Marie Rowbotham


Tel: +[852] 2289 2504

Chris Chin


Tel: +[852] 2289 2530

Annette Lee


Tel: +[852] 2289 2582

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