1 We were trading with one of the world’s top healthcare product manufacturers and the outstanding debts from the Debtor ran into millions.
2 Shortly after we have instructed Messrs Alex Chang & Co. to file a Companies Winding-Up Petition, we received a proposal for settlement of the full sum by an instalment scheme.
Debtor Was Wound Up by Another Creditor
3 Our joy was very short lived as the Company was wound up (hereinafter the “the Companies Winding-Up Order”) before we received any payments from the instalment scheme.
3.1 The usual step would be to file a Proof of Debts and withdraw our Winding Up Petition
Advice With Foresight
4 Messrs Alex Chang & Co. advised us not to withdraw the Petition and instead requested from the Honourable Court to allow our Petition to remain.
5 After a few months, the the Companies Winding-Up Order was miraculously set aside, as we did not withdraw our petition, our Companies Winding-Up proceedings kick started again.
6 The Debtor underwent a judicial management process which again halted our the Companies Winding-Up Petition.
6.1 Again when a company is placed under Judicial Management, usually all Winding-Up proceedings will be kept in abeyance; Messrs Alex Chang & Co. managed to convince the Honourable Court to let us proceed with the the Companies Winding-Up Petition.
Heavily Litigated Matter
7 Once we were back in the the Companies Winding-Up court, many parties joined and there was a flurry of applications filed which had to be dealt with.
Light at the End of the Tunnel
8 After months of litigation, we managed to secure an amazing settlement to our satisfaction and withdrew the Petition.
9 We would like to express our gratitude to Messrs Alex Chang & Co in the above matter. In our years of business experience, we firmly believe that if this matter was NOT handled by Messrs Alex Chang & Co. we would have been advised to withdraw the Petition and would not have been able to secure such a wonderful settlement.