The Genting Group was founded in 1965 by the late (Tan Sri) Lim Goh Tong who had a dream of building a resort in the mountain tops. Genting Berhads corporate profile states that it is an investment holding and management company which comprises various business stake under the Genting brand around the world.

The Covid-19 pandemic hit the gaming sector hard, Genting included. Genting Hong Kong for example, has applied for debt restructuring but was unsuccessful. This led to the decision to liquidate the company amidst mounting debt (Genting Hong Kong files for liquidation amid German lawsuit (cnbc.com).

Based on the above scenario and context, express how debtand the eventual liquidation affected Genting Hong Kongs legal status.