Linguaphone HK unit silenced

By Aaron Pan | January 19, 2009, Monday |

Print Edition

LINGUAPHONE Group Ltd's Hong Kong business has filed for provisional liquidation, a statement on its Website said.

RSM Nelson Wheeler Corporate Advisory Ltd was appointed provisional liquidators last Tuesday and will be "taking control of and safeguarding the assets of the company," according to the statement. Linguaphone, which operates self-study language courses, didn't give a reason for the move.

Bankruptcies in Hong Kong have climbed to the highest level since the aftermath of the severe acute respiratory syndrome epidemic in 2003 amid the global financial crisis and recession.

There were 1,334 bankruptcy petitions filed in December, up from 1,223 in November, the Official Receiver's Office said on its Website on Friday. Filings last month were the highest since November 2003, after SARS caused the city to slide into its last recession, according to Bloomberg News.

Hong Kong's economy is again contracting, as exports and domestic demand slow. The economy shrank a seasonally adjusted 0.5 percent in the third quarter from the previous three months, after contracting 4 percent in the second quarter.

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Linguaphone HK unit silenced

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