A subsidiary of a cosmetic chain store founded in Hong Kong with operations in Macau has been ordered to dissolve by a court of law in its home base.
The judgment was handed down yesterday morning, Hong Kong media reported yesterday.
The Hong Kong High Court declared bankrupt the founder of Hop Fung Lung Limited – formerly known as Bonjour Cosmetic Wholesale Center Limited – a subsidiary of Bonjour Holdings Limited. The founder is Wilson Ip.
It was revealed to the court that the defendant is in debt of over HKD20 million. The judgment was made in the absence of the defendant.
Another hearing concerning the bankruptcy proceedings of Ip’s spouse, Chung Pui Wan, and son, Tarzan Ip, will be opened Feb. 7.
In relations to the bankruptcy, the subsidiary company was also ordered by the court to be dissolved under unpaid debts worth HKD3.9 million.
The parent company noted in an announcement dated December 22, 2022 that “trading in the shares of the Company on the Stock Exchange has been suspended with effect from 1:00 p.m. on 16 June 2022 and will remain suspended until the Company fulfils the Resumption Guidance.”
For the time being, the company has not yet explained if the operations of the cosmetic chain will be affected by the dissolution order. AL
