RE CONCORD UNITED LTD (IN CREDITORS VOLUNTARY LIQUIDATION)

RE CONCORD UNITED LTD (IN CREDITORS VOLUNTARY LIQUIDATION)

The court granted the 12‑month deferral to 19 November 2005 because the applicants undertook to meet the liquidator's fees and all legal costs of defending the mortgage action, the liquidator confirmed agreement to fees, the mortgage plaintiff had not actively prosecuted the action, and there was no appearance that any creditor's interests would be prejudiced; the order must be registered under s.248(5).

Citation
RE CONCORD UNITED LTD (IN CREDITORS VOLUNTARY LIQUIDATION)
Parties
Applicant (shareholder and Director): Ho Fung Yuen; Applicant (shareholder and Director): Lam Hak Sing; Company (in Creditors Voluntary Liquidation): Concord United Limited (in creditors voluntary liquidation); Liquidator (supports Deferral and Confirmed Fees): Liquidator of Concord United Limited; Respondent (plaintiff in Mortgage Action HCMP No.1944/2003): Wing Hang Bank Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 November 2004
Case Number
HCMP2927/2004
Procedural Posture
Application Under Section 248(4) Companies Ordinance to Defer Dissolution / Chambers Hearing and Decision on Originating Summons
Outcome
Application granted. Dissolution deferred for 12 months to 19 November 2005.
Legal Topics
Company Dissolution, Creditors' Voluntary Liquidation, Extension/deferral of Dissolution, Mortgage Litigation
Source Language
EN
Company Law Insolvency Civil Procedure Company Dissolution Creditors' Voluntary Liquidation Extension/deferral of Dissolution Mortgage Litigation

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Parties

Ho Fung Yuen

Applicant (shareholder and Director)

Lam Hak Sing

Applicant (shareholder and Director)

Concord United Limited (in creditors voluntary liquidation)

Company (in Creditors Voluntary Liquidation)

Liquidator of Concord United Limited

Liquidator (supports Deferral and Confirmed Fees)

Wing Hang Bank Limited

Respondent (plaintiff in Mortgage Action HCMP No.1944/2003)

Procedural Posture

Application Under Section 248(4) Companies Ordinance to Defer Dissolution / Chambers Hearing and Decision on Originating Summons

Legal Issues

  1. 1 Whether the Court should defer the date of dissolution under s.248(4) of the Companies Ordinance
  2. 2 Whether any creditor's interests would be prejudiced by the deferral
  3. 3 Whether applicants have satisfactorily undertaken to meet liquidator's fees and legal costs in contesting related litigation

Ratio Decidendi

The court granted the 12‑month deferral to 19 November 2005 because the applicants undertook to meet the liquidator's fees and all legal costs of defending the mortgage action, the liquidator confirmed agreement to fees, the mortgage plaintiff had not actively prosecuted the action, and there was no appearance that any creditor's interests would be prejudiced; the order must be registered under s.248(5).

Court Disposition

Application granted. Dissolution deferred for 12 months to 19 November 2005.

Orders

  • Dissolution of Concord United Limited deferred to 19 November 2005 pursuant to section 248(4) Companies Ordinance
  • Applicants to deliver to the Registrar of Companies, within 7 days, an office copy of the order for registration pursuant to section 248(5)