High Court orders Winding Up of Physical Beauty & Fitness
The High Court of Hong Kong granted a winding-up order against Physical Beauty & Fitness Holdings Limited (“Physical BVI”) in HCCW 627/2024.
We represented the petitioner in HCCW 627/2024, seeking a winding-up order against Physical BVI after it had failed to comply with a statutory demand for a debt of HK$1,528,479.45. The company, which was part of a group operating beauty and fitness businesses under the “Physical” brand, was deemed insolvent under s.178(1)(a) of the Companies (Winding-Up and Miscellaneous Provisions) Ordinance (Cap. 32).
Recognizing the urgent need to protect the company’s assets, our team successfully applied for the appointment of provisional liquidators to safeguard proceeds from certain sales transactions and ensure fair distribution among creditors. Provisional liquidators were appointed to oversee the company’s affairs as well.
The judgment reinforces creditors’ rights and the importance of proper corporate governance in insolvency matters.
This case highlights Ho Tse Wai & Partners’ expertise in insolvency litigation and our commitment to protecting creditor interests. If you require legal assistance in similar matters, our experienced team is here to help.
Our Partner Jonathan Man, Associate K H Yau and trainee solicitor Nicole Yung handled the case.
The full judgment can be viewed here.
