PwC Appointed Joint Provisional Liquidators for (1) Paul Y. Construction Company, Limited; (2) Paul Y. General Contractors Limited; (3) Paul Y. Builders Limited; (4) Paul Y. (E&M) Contractors Limited; and (5) Paul Y. Construction & Engineering Co., Limited (collectively, the “Companies”)
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Hong Kong, 21 February 2025 - The Companies have been placed into provisional liquidation by orders of the High Court of the Hong Kong Special Administrative Region. Mr. Christopher So Man Chun and Mr. Victor Jong Yat Kit, both of PricewaterhouseCoopers (“PwC”), have been appointed as joint and several Provisional Liquidators of the Companies.
Why have the Companies entered Provisional Liquidation?
The Companies are the key operating subsidiaries of Paul Y. Engineering Group Limited (the “Holding Company”, collectively, the “Group”) and are engaged in the execution of design and construction of various development and infrastructure projects for clients in the public, quasi-public and private sectors.
The Group has been facing financial distress since mid-2024 and is currently the main contractor for a number of construction projects in Hong Kong. Winding up petitions against the Companies have been filed by certain creditors in the 4th quarter of 2024 and 1st quarter of 2025 due to the Companies’ default in debt repayments. In view of the situation, management of the Companies opted to apply to the Court for Provisional Liquidation with an aim to preserve the value of assets for the benefit of their creditors.
What is Provisional Liquidation and who are the Provisional Liquidators?
Provisional Liquidation is a statutory procedure which is designed to allow professionals independent of a company and its management to preserve and protect the assets and property of the company for the benefit of its creditors to afford them an opportunity to review the affairs of the company and ascertain its financial status.
The Provisional Liquidators are independent, qualified accountants who are experienced in dealing with the financial affairs of distressed companies.
How does Provisional Liquidation affect me?
Currently, the Provisional Liquidators are in the process of ascertaining the financial position and securing the assets and records of the Companies. Further updates to the stakeholders of the Companies will be provided as and when appropriate.
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