Hong Kong court orders winding-up of bakery Taipan, declares Ocean Empire founder bankrupt

A Hong Kong court has ordered the winding-up of a bakery chain and declared a co-founder of a now-closed congee restaurant group bankrupt, highlighting the plight of the local retail and catering sectors amid shifting consumption patterns.

The High Court on Monday granted a petition to liquidate Vast Luck Company Limited, the parent company of Taipan Bread & Cakes, after the firm failed to repay a debt of an unspecified sum despite repeated requests.

The bakery was acquired in 2021 by businessman Ricky Liu Chi-keung, who spoke of his patriotism on state media in an attempt to re-establish business ties across the border, but the chain still struggled through a prolonged downturn that also rocked the wider retail sector.

The Labour Department has levelled a total of 103 charges against Liu, Vast Luck and two of its subsidiaries over HK$1.31 million in unpaid wages owed to Taipan employees. The case will be heard at Kowloon City Court in March.

Also on Monday, the High Court declared Siu Chor-kee, a co-owner of the 33-year-old Ocean Empire Food Shop, bankrupt after he confirmed that he did not oppose the order.

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