HK director Danny Pang withdraws bankruptcy application
Hong Kong film director Danny Pang, one half of the Pang Brothers, has withdrawn his bankruptcy application because a new film project has helped to resolve his financial woes.
The 58-year-old told Hong Kong’s Oriental Daily News in December that he had filed for bankruptcy after accumulating debts of about HK$2 million (S$340,000) due to his wife’s lung cancer treatment.
The director updated the newspaper on Jan 23 that he had since made arrangements to clear the debts, and had notified the Official Receiver’s Office on Jan 22 that he was withdrawing the bankruptcy application.
Hong Kong’s Sing Tao Daily reported that the judge approved his application after a court hearing on Jan 23.
Pang gave more details on his new project on Chinese social media platform Weibo on Jan 23.
“There will soon be a joint project between Alibaba Pictures and Hong Kong’s Universe Entertainment which will help me to immediately resolve my current financial issues and withdraw the earlier bankruptcy application,” he wrote. “I can pick up the pieces as I focus on my work again while taking good care of my wife.”
The Pang Brothers are famous for directing horror movies such as The Eye (2002), which starred Malaysian actress Lee Sinje, and its sequels in 2004 and 2005.
Lee, who turned 48 on Jan 23, married Oxide Pang, the older of the Pang twins, in 2010.
Danny Pang disclosed in December that his wife of about 30 years had been diagnosed with lung cancer in February 2023.
He spent all his savings on her medical expenses and was unable to secure loans from banks, as he did not have proof of income. Filming for a Chinese movie was repeatedly postponed, so he had no income.
He resorted to borrowing money from second-tier lenders, which charge higher interest rates, and racked up huge debts.
He said his brother and sister-in-law had helped him, but that it was not a long-term solution as they had their own family to care for.
Oxide has seven-year-old twin boys with Lee, as well as a 23-year-old daughter from a previous marriage.