RE KEEN LLOYD RESOURCES LTD

RE KEEN LLOYD RESOURCES LTD

Exercising its discretion and prioritizing the best interests of all persons interested in the winding up, the court found Mr Wu and Ms Yu did not have the required experience and resources to handle the complex liquidation and therefore appointed Mr Alan Tang and Mrs Alison Wong as joint and several liquidators.

Citation
RE KEEN LLOYD RESOURCES LTD
Parties
Company: Keen Lloyd Resources Limited; Official Receiver: Official Receiver; Petitioner: Petitioner; Creditor: Bank of China (Hong Kong) Limited; Creditor: Bank of East Asia Limited; Creditor: Societe Nationale D'Operations Petrolieres de la Cote D'Ivoire-Holding; Creditor: Zhejiang Yicheng Industry Co. Ltd; Nominee Liquidator: Mr Wu Yan Mo Wilfred; Nominee Liquidator: Ms Yu Tak Yee Beryl; Nominee Liquidator (withdrew): Mr Stephen Liu Yiu Keung; Nominee Liquidator (withdrew): Mr Kenneth Yeo Boon Ann; Appointed Liquidator: Mr Alan Chung Wah Tang; Appointed Liquidator: Mrs Alison Wong Lee Fung Ying
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 November 2003
Case Number
HCCW1134/2002
Procedural Posture
Companies (winding Up) No. 1134 of 2002 / Determination Hearing Under R.45 of the Companies (winding Up) Rules
Outcome
Order appointing Mr Alan Tang and Mrs Alison Wong as the joint and several liquidators of Keen Lloyd Resources Limited.
Legal Topics
Appointment of Liquidators, Court Discretion, Creditors' Meeting, Conflict of Interest (receivership)
Source Language
EN
Company Law Insolvency Winding Up Appointment of Liquidators Court Discretion Creditors' Meeting Conflict of Interest (receivership)

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Parties

Keen Lloyd Resources Limited

Company

Official Receiver

Official Receiver

Petitioner

Petitioner

Bank of China (Hong Kong) Limited

Creditor

Bank of East Asia Limited

Creditor

Societe Nationale D'Operations Petrolieres de la Cote D'Ivoire-Holding

Creditor

Zhejiang Yicheng Industry Co. Ltd

Creditor

Mr Wu Yan Mo Wilfred

Nominee Liquidator

Ms Yu Tak Yee Beryl

Nominee Liquidator

Mr Stephen Liu Yiu Keung

Nominee Liquidator (withdrew)

Mr Kenneth Yeo Boon Ann

Nominee Liquidator (withdrew)

Mr Alan Chung Wah Tang

Appointed Liquidator

Mrs Alison Wong Lee Fung Ying

Appointed Liquidator

Procedural Posture

Companies (winding Up) No. 1134 of 2002 / Determination Hearing Under R.45 of the Companies (winding Up) Rules

Legal Issues

  1. 1 Whether the court should appoint the liquidators nominated by the majority of creditors
  2. 2 Whether the nominees (Mr Wu and Ms Yu) are suitable given the complexity and scale of the liquidation
  3. 3 Whether a conflict of interest or lack of resources prevents certain nominees from acting

Ratio Decidendi

Exercising its discretion and prioritizing the best interests of all persons interested in the winding up, the court found Mr Wu and Ms Yu did not have the required experience and resources to handle the complex liquidation and therefore appointed Mr Alan Tang and Mrs Alison Wong as joint and several liquidators.

Court Disposition

Order appointing Mr Alan Tang and Mrs Alison Wong as the joint and several liquidators of Keen Lloyd Resources Limited.

Orders

  • Appoint Mr Alan Chung Wah Tang and Mrs Alison Wong Lee Fung Ying as joint and several liquidators of Keen Lloyd Resources Limited.