7 Feb 2025
RE PHYSICAL BEAUTY & FITNESS HOLDINGS LTD
- Citation
- [2025] HKCFI 604
- Court
- Court of First Instance
- Case number
- HCCW627/2024
Both companies were insolvent on the evidence of statutory demands and adjusted balance sheets; a usual winding-up order was appropriate. Provisional liquidators were appointed over Physical BVI to secure and receive sale proceeds under the SPAs pending investigation of ownership and allocation because the assets and proceeds were at risk and the court accepted Luk’s undertaking but refused to discharge it. A regulating order under ss.227A and 227B was justified to appoint the PLs as liquidators of Physical HK for reasons of continuity, efficiency and because they were fit and supported by ma…