Asia Television Holdings Limited granted approval for withdrawal of winding-up petition

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28th February 2024 – (Hong Kong) Asia Television Holdings Limited, a publicly listed company, faced a winding-up petition filed by a creditor last November. Today, the case was brought in the High Court for a hearing. The petitioner requested the withdrawal of the winding-up petition without disclosing the reason behind the decision. Asia Television Holdings Limited did not oppose the application, and ultimately, the presiding judge approved the withdrawal of the petition and ordered Asia Television to bear the costs of the proceedings.

The petitioner in the case is FCG Venture Limited Partnership Fund, while the defendant is Asia Television Holdings Limited. Records indicate that the petitioner was previously a shareholder of Asia Television Holdings, holding over 10% of the shares. Asia Television Holdings’ subsidiary, Asia Television Digital Media Limited, had also faced winding-up petitions from other creditors in the past and was ordered to undergo winding-up proceedings by the court in September of the preceding year. Asia Television Holdings subsequently issued a statement stating that the group still operates other subsidiary companies that provide various types of programs.

This development comes as Asia Television Holdings continues to face financial challenges and undergoes legal proceedings initiated by creditors. The withdrawal of the winding-up petition indicates a change in the petitioner’s stance, potentially reflecting a resolution or agreement reached between the parties involved. The exact reasons for the withdrawal were not disclosed during the court hearing.