This is an update to clients and creditors following our statement on 31 August 2012.
Matters arising from the first meetings of contributories and creditors of MFG-HK and MFH (Together the "First Meetings"):
The hearing of the applications for matters arising from the First Meetings was heard before the High Court yesterday. As you may recall these applications concerned the appointment of Liquidators, the constitution of the Committees of Inspection ('COI') and the conversion of the liquidations into Creditors' Voluntary Liquidations. Both the Provisional Liquidators and the Official Receiver ('OR') appeared through counsel. The hearing before the Court concerned legal arguments as to whether or not ad volarem fees would be payable to the OR if the Court granted the order for conversion of the liquidations into Creditors' Voluntary Liquidations.
Following detailed arguments from counsel for the PLs and the OR, the Court has reserved its judgment and adjourned the hearing without making any orders. Notwithstanding the adjournment, the PLs are seeking that the Court make orders in respect of the appointment of Liquidators, the constitution of the COI and conversion of the liquidations into a Creditors Voluntary Liquidations, without much further delay, leaving a decision in respect of the ad valorem fees mentioned above to be handed down at a later date.
Second Reports of the PLs of MFG-HK and MFH (the "Second Report")
The PLs have issued separate Second Reports in respect of the progress of the liquidations of MFG-HK and MFH. Copies of these reports have been sent to the respective creditors of MFG-HK and MFH (including Qualifying Clients). If you have not received a copy, please contact us. Recipients are reminded that the reports are confidential and not to be disclosed or distributed to any other party other than the intended recipient.
If you have any questions, please contact Ms Jasmine Lai on +852 2913 2539 or email email@example.com with any enquires.
For and on behalf of MFG-HK (In Liquidation) and MFH (In Liquidation)
Joint and Several Provisional Liquidator
(The Joint and Several Provisional Liquidators act as agents of MFG-HK and MFH without personal liability)