There is just no way this can be legal.

They try to IVA (Individual Voluntary Arrangement) without approval from a court
"..the debtor can choose IVA. IVA is a formal procedure under the Bankruptcy Ordinance to provide an alternative to bankruptcy. A debtor makes a repayment proposal to the court and the creditors. If it is approved, it will legally bind all creditors. "


 
The only way for them could be to sell shares and hope to get some money from that. Then customers can choose if they want to participate in that or not.
But since it is a company in huge trouble there is little change they'd get any substantial money for their shares.

So they're left with liquidation.

As a creditor (customer), write them a few letters to pay, which they probably refuse.
Then, start bankruptcy proceedings.
http://www.oro.gov.hk/eng/publications/bankguide.htm