There will be occasions when either a formal or informal insolvency procedure will be the appropriate course of action for stakeholders. In such circumstances, we are able to provide the following services:
The liquidation of a company is the formal process of winding up the company. The liquidator of an insolvent company is responsible to all creditors, who have effectively made the appointment. Any decisions taken should, therefore, be in the best interests of those creditors.
Our partners have been appointed on numerous occasions as liquidators or provisional liquidators in compulsory (i.e. Court ordered) windings up.
A creditor’s voluntary liquidation is normally begun by shareholders but in certain circumstances may be commenced by the directors of a company if they believe that such action is warranted and the company cannot continue its business because of its liabilities. We can assist directors in reviewing the financial position, arranging the necessary steps to place a company into liquidation and provide experienced and qualified persons to act as liquidators.
Occasionally shareholders resolve to wind up a solvent company. This may be simply to consolidate the corporate structure of a group of companies in order to reduce costs and eliminate complex accounting transactions or for other reasons e.g. because of a board or shareholder dispute. DTT has substantial experience in this area not only for Hong Kong incorporated companies but also for companies incorporated overseas (e.g. British Virgin Isles, Cayman Islands, Jersey etc.)
Our Liquidation expertise includes:
We have extensive experience in advising clients on the liquidation of solvent & bankruptcy of insolvent local enterprises, foreign investment enterprises and foreign-sino joint ventures in China. Our services include:
We have been admitted to the register of bankruptcy administrators in Guangzhou hence can act as administrator under the new PRC Bankruptcy Law that became effective 1 June 2007.
If a bank or other creditor holds appropriate security, it may consider appointing a receiver or a receiver and manager to sell the business or assets and use the proceeds to settle, wholly or partially, its secured claim.
Our expertise includes:
Occasionally an application may be made to the court for the appointment of a receiver in case of a dispute between shareholders or partners, or where security is in jeopardy or the company is in default.
Our partners have previously acted as court appointed receivers of shares, companies, partnerships, and associations.
We also offer advice and support in the following areas: