Hong Kong's Taipan Bakery Ordered to Wind Up, Co-Founder Declared 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 consumer 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 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 would not oppose the order.