1 We were trading with one of the world\u2019s top healthcare product manufacturers and the outstanding debts from the Debtor ran into millions. <\/p>\n\n\n\n
Initial Settlement
\n2 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. <\/p>\n\n\n\n
Debtor Was Wound Up by Another Creditor
3 Our joy was very short lived as the Company was wound up (hereinafter the \u201cthe Companies Winding-Up Order\u201d) before we received any payments from the instalment scheme.<\/p>\n\n\n\n
3.1 The usual step would be to file a Proof of Debts and withdraw our Winding Up Petition <\/p>\n\n\n\n
Advice With Foresight
\n4 Messrs Alex Chang & Co. advised us not to withdraw the Petition and instead requested from the Honourable Court to allow our Petition to remain. <\/p>\n\n\n\n
A Miracle
\n5 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. <\/p>\n\n\n\n
Judicial Management
6 The Debtor underwent a judicial management process which again halted our the Companies Winding-Up Petition. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
Heavily Litigated Matter
\n7 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. <\/p>\n\n\n\n
Light at the End of the Tunnel
\n8 After months of litigation, we managed to secure an amazing settlement to our satisfaction and withdrew the Petition. <\/p>\n\n\n\n
Gratitude
\n9 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. <\/p>\n\n\n\n
Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"
1 We were trading with one of the world\u2019s top healthcare product manufacturers and the outstanding debts from the Debtor ran into millions. Initial Settlement 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 […]<\/p>\n","protected":false},"author":1804,"featured_media":8710,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"_links":{"self":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts\/8711"}],"collection":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/users\/1804"}],"replies":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/comments?post=8711"}],"version-history":[{"count":1,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts\/8711\/revisions"}],"predecessor-version":[{"id":8712,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/posts\/8711\/revisions\/8712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/media\/8710"}],"wp:attachment":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/media?parent=8711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/categories?post=8711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/tags?post=8711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}