Changman Holdings (08523) received a winding-up petition

Zhitongcaijing · 10/14 12:25

Zhitong Finance App News, Changman Holdings (08523) issued an announcement. The company received a petition from Hong Kong and Shanghai HSBC Bank Limited (petitioner) to the High Court of the Hong Kong Special Administrative Region. The High Court may wind up the company in accordance with the provisions of the “Companies (Liquidation and Miscellaneous Provisions) Ordinance” in Chapter 32 of the Hong Kong Legislation on the grounds that the company is indebted to the petitioner. The petition will be heard in the High Court on November 27, 2024.

The petition was against the company and involved a financial liability of the company amounting to approximately HK$63.3 million. According to the unlimited guarantee signed by the company with the petitioner as the beneficiary, the company has guaranteed that Changman Construction Engineering Co., Ltd., an indirect wholly-owned subsidiary of the company, will repay the debts owed to the petitioner.

The company will consult with the petitioner to settle the petition out of court and will apply to the High Court for an approval order.