Petition Filed To Wind Up Next Digital

The Government today announced that Financial Secretary Paul Chan has presented a petition to the Court of First Instance to wind up Next Digital.

Mr Chan made the move pursuant to the power conferred on him by section 879(1) of the Companies Ordinance.

Under that section, the Financial Secretary may present a petition for a body corporate to be wound up if it appears to him from any specified materials that it is expedient in the public interest that a body corporate which may be wound up under the Companies (Winding Up & Miscellaneous Provisions) Ordinance should be wound up.

On July 28, the Financial Secretary appointed Clement Chan as the inspector to investigate into Digital Media’s affairs under sections 841(2) and (3) of the Companies Ordinance having been satisfied that it was in the public interest to do so.

After considering an interim report submitted by the inspector on September 14, the Financial Secretary took the view that it would be expedient in the public interest that Next Digital be wound up, and therefore decided to present a winding-up petition to the court.

Separately, the Securities & Futures Commission has been conducting extensive enquiries into Next Digital, under the Securities & Futures Ordinance, and has provided the Financial Secretary with important information and evidence obtained which is of relevance to the petition.

The commission also believes that it is desirable in the public interest for Next Digital to be wound up based on the information and evidence it has obtained.