VOLUME  VII  No. 209	F R I D A Y	November 4,  2005

SPENCER  WONG  TZE  TIM  RECEIVES  A  BANKRUPTCY  PETITION

KBC Bank N.V. (比利時聯合銀行)has petitioned the bankruptcy of Mr Spencer Wong Tze Tim (王子添). 

Mr Spencer Wong Tze Tim is a member of the Wong Family, which used to control the Group of Companies of Sweetmart Garment Works Ltd (威馬製衣廠有限公司).

Sweetmart Garment Works is the subject of a Winding-Up Petition, launched by Oversea-Chinese Banking Corporation Ltd (華僑銀行).

On July 8, 2005, Equitable PCI Bank Incorporated issued Bankruptcy Proceedings, naming Mr Spencer Wong Tze Tim, alleging that he is the bank’s debtor, who is unable to honour his financial commitments to the bank.

KBC Bank’s Action, therefore, is second such petition, issued against Mr Spencer Wong in the past 4 months.

The history of Sweetmart Garment Works Ltd goes back to April 1963, more than 42 years.

But, as with a dinosaur, stuck in a tar-pit, Sweetmart Garment Works has died due to its inability to be fleet of its once industrial feet.

Because nearly all of the members of the Wong Family stood guarantors for the debts of the Sweetmart Garment Group of Companies, as the group companies fell on hard times and could not pay banking commitments, so the Wong Family was caught in a vice from which it was unable to extricate itself.