A recent case[1] is a reminder to creditors in a voluntary winding up that the Court has the power to appoint an additional or special purpose liquidator (SPL) to carry out a set function in the orderly liquidation of a company where it is 'just and beneficial' to do so.

What is a special purpose liquidator?

Did you know... that the court may, in special circumstances, exercise its discretion to appoint pre-existing receivers as a company’s provisional liquidators.

In the recent decision ofRe K Vision International Investment (Hong Kong) Limited, the Honourable Mr. Justice Barma confirmed that, where the circumstances require it, the court will exercise its discretion to appoint pre-existing receivers of a company’s assets as that company’s provisional liquidators provided that potential conflicts of interest are identified and appropriately addressed.