Hong Kong court appoints provisional liquidators to safeguard Next Digital interests pending decision on winding-up petition
- Judge grants application from financial secretary to appoint pair from Ernst & Young Transactions, ahead of winding-up petition hearing in December
- Friday hearing reveals firm has more than HK$70 million cash in Hong Kong banks and HK$2 million in a safe, against a deficit of HK$247 million
Madam Justice Linda Chan Ching-fan on Friday granted an application from Financial Secretary Paul Chan Mo-po to appoint Sammy Koo Chi-sum and Clifford Tsui Chi-chiu of Ernst & Young Transactions, ahead of the petition hearing scheduled on December 15.
The brief hearing on Friday also revealed the 40-year-old firm’s latest financial status, disclosing that it had more than HK$70 million (US$9 million) cash in Hong Kong banks and HK$2 million in a safe – held in custody – against a deficit of HK$247 million, which included HK$120 million in claims for outstanding wages and staff costs.
There are only two remaining businesses among the 95 wholly owned subsidiaries held by the company – a book printing service in Hong Kong, whose entire staff has resigned, and the digital version in Taiwan of the Apple Daily newspaper.
Next Digital has been a key target of Hong Kong authorities in the wake of the adoption of the national security law in June last year.
