Missha Hong Kong owners absent, declared bankrupt

Following the sudden closure of outlets selling South Korean cosmetics brand MISSHA in Hong Kong and Macau in January, the shareholders and directors of Missha (Hong Kong) Ltd. Cheng Wai Hung and brother Terence Cheng Wai Tek were absent at a court hearing held yesterday in which the company’s creditor was applying to declare them bankrupt.
The Cheng brothers did not send any lawyers to attend the hearing at the Hong Kong High Court yesterday, Hong Kong Chinese-language media reported.
After reviewing documents submitted by Missha Hong Kong’s creditor China Citic Bank International, the Hong Kong High Court judge ruled that the Cheng brothers were bankrupt.
The creditor bank had filed to declare the brothers bankrupt in the Hong Kong High Court in April.
Missha’s 21 outlets in Hong Kong and Macau suddenly closed in early January, an episode that resulted in employees seeking help from the government in both cities to help claim lay-off compensation. Missha (Hong Kong) Ltd. was placed in liquidation in April.
S.L.