Introduction
A company can be wound up by the Court if it is unable to pay its debts. It is deemed to be unable to pay its debts if a creditor to whom it owes a sum in excess HK$10,000 serves a written demand, known as a Statutory Demand (in the prescribed form) requiring payment and [...]

Where a winding up order is made or a provisional liquidator appointed, no court action or proceedings can be continued or proceeded with against the company or its property, except with the leave of the Court. This leave can only be obtained in exceptional circumstances where the creditor applies to the Court under s186.
The [...]

First Meeting of Creditors

The notices must specify a time and date, not more than four days before the date of the meeting, by which proofs of debt and proxies must be lodged for creditors to be entitled to vote at the meeting. Usually, the notice will specify that the proof and proxy must be lodged [...]

In certain circumstances the Court may make an order that the liquidation be conducted under a Regulating Order. This may be done where for example there is a situation where, if the liquidation were to be conducted complying in full with the requirements of the Companies Ordinance, particularly in matters such as the convening of [...]

Committee of Inspection
The Committee of Inspection is appointed at the first meeting of creditors and its members are confirmed by the Court at the time it confirms the appointment of the liquidator. It must comprise a minimum of two and a maximum of five members and can only act when at least a majority of [...]

Section 209A Conversion of a Compulsory Liquidation to a Voluntary Liquidation
Section 209A of the Companies Ordinance is quite unique in that it allows the conversion of a court supervised liquidation to a voluntary process subject to the scrutiny of creditors.
However, the conversion can only take place in limited circumstances, so it is still within the [...]

Provisions exist in S.168 of the Ordinance for the Official Receiver to make an application to the Court for a director, or shadow director to be disqualified from acting as a director of a company. The provisions are broadly similar to those in the UK.

If the application is successful, the court can make an order [...]

Under the provisions of S.182 any payment after the presentation of the petition is void. In theory, it is therefore recoverable from the recipient. The principal authority on this section was the UK case of Re Grays Inn Construction Ltd. This case was decided in 1979 at which time the UK Court of Appeal decided [...]

A Liquidator or Provisional Liquidator often comes into office knowing little or nothing about the company over which he has been appointed. In most situations, the liquidator can expect to receive cooperation from the directors and other officers of the company and to have access to the Company’s accounting records and other books and papers [...]

Unfair preferences are covered by the provisions of S.266 of the Companies Ordinance. They were formerly called Fraudulent Preferences but the title was changed as a consequence of the introduction of the Bankruptcy (Amendment) Ordinance of 1998. In essence, an unfair preference occurs when a creditor in the liquidation is put in a better position [...]