Bank of Asia Liquidators Obtain Hong Kong Recognition and Disclosure Order

Bank of Asia's liquidators have obtained recognition of the bank's British Virgin Islands liquidation in Hong Kong, along with a court order requiring a Hong Kong company to disclose information and documents relating to the bank's affairs.

The decision, reported in August 2026, provides the liquidators with additional powers to obtain records needed for the administration of the bank's existing liquidation.

It does not establish how much creditors will recover or when further distributions may take place.

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Why did Bank of Asia's liquidators seek assistance in Hong Kong?

Bank of Asia's liquidators sought Hong Kong court assistance after encountering difficulties obtaining records from a company that had provided accounting, administrative and technology services to the bank.

In a September 2026 report, Tanner De Witt, the law firm representing the liquidators, explained that Axiom initially agreed to provide records but later supplied information inconsistently before ceasing communication altogether.

The liquidators applied to the Hong Kong court for recognition of their appointment and assistance in obtaining information relating to Bank of Asia's affairs.

The court recognized the BVI liquidation and the liquidators' appointment. It also granted powers to obtain information and documents, investigate the bank's affairs and take other appropriate steps in Hong Kong.

The disclosure order required Axiom to produce specified information and documents. The court also ordered the company to bear the costs associated with the disclosure application.

The decision provides a means of obtaining records that the liquidators had been unable to secure through voluntary cooperation.

What does the Hong Kong decision mean for Bank of Asia customers?

The Hong Kong decision may assist the liquidators in investigating Bank of Asia's affairs, but it does not guarantee additional repayments to depositors or other creditors.

The bank's liquidation began before the Hong Kong proceedings.

According to the Virgin Islands Deposit Insurance Corporation's official announcement, joint liquidators were appointed on October 22, 2025 and authorized to begin disbursing insured deposits to eligible customers.

The deposit insurance guidance published by VIDIC states that eligible deposits are protected up to US$100,000 per depositor.

Amounts exceeding that limit are not covered by the deposit insurance scheme and are dealt with through the liquidation process.

The Hong Kong disclosure order is separate from those insurance arrangements.

Obtaining the bank's records could help the liquidators establish its financial position, investigate transactions and identify assets or liabilities.

However, access to information does not necessarily result in additional assets being recovered.

Customers with outstanding balances should confirm their eligibility for deposit insurance, check how uninsured funds will be handled and monitor the liquidators’ updates on claims and repayments.

Customers should retain account statements, transaction records and correspondence with the bank or its liquidators.