RE OSMAN MOHAMMED ARAB AND WONG KWOK KEUNG, JOINT AND SEVERAL LIQUIDATORS OF PEKING FU FACTORY (HONG KONG) LTD (In Creditors’ Voluntary Liquidation)

RE OSMAN MOHAMMED ARAB AND WONG KWOK KEUNG, JOINT AND SEVERAL LIQUIDATORS OF PEKING FU FACTORY (HONG KONG) LTD (In Creditors’ Voluntary Liquidation)

Because the special resolution did not provide for remuneration assessment under s235 and there was no committee of inspection despite attempts to convene creditors, the Court must order an assessment of the liquidators' fees and delegated the assessment to a taxing master.

Citation
[2021] HKCFI 1164
Parties
Applicant Joint and Several Liquidator: Osman Mohammed Arab; Applicant Joint and Several Liquidator: Wong Kwok Keung; Company (subject): Peking Fur Factory (Hong Kong) Limited (In Creditors’ Voluntary Liquidation)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 April 2021
Case Number
HCMP394/2021
Procedural Posture
Companies (winding Up and Miscellaneous Provisions) Ordinance Application for Assessment of Liquidators' Fees / Decision on Application for Assessment of Liquidators' Fees by Liquidators in Creditors' Voluntary Liquidation
Outcome
Application granted; assessment ordered
Legal Topics
Liquidators' Remuneration, Assessment of Costs and Fees, Committee of Inspection, Creditors' Voluntary Liquidation
Source Language
EN
Company Law Insolvency Law Civil Procedure Liquidators' Remuneration Assessment of Costs and Fees Committee of Inspection Creditors' Voluntary Liquidation

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 2 Party arguments 2
Sign in to unlock

Parties

Osman Mohammed Arab

Applicant Joint and Several Liquidator

Wong Kwok Keung

Applicant Joint and Several Liquidator

Peking Fur Factory (Hong Kong) Limited (In Creditors’ Voluntary Liquidation)

Company (subject)

Procedural Posture

Companies (winding Up and Miscellaneous Provisions) Ordinance Application for Assessment of Liquidators' Fees / Decision on Application for Assessment of Liquidators' Fees by Liquidators in Creditors' Voluntary Liquidation

Legal Issues

  1. 1 Whether the Court should assess the liquidators' fees where the special resolution did not fix remuneration
  2. 2 Whether the absence of a committee of inspection and failure to convene creditor approval permits Court assessment
  3. 3 Appropriate forum for conducting the assessment

Ratio Decidendi

Because the special resolution did not provide for remuneration assessment under s235 and there was no committee of inspection despite attempts to convene creditors, the Court must order an assessment of the liquidators' fees and delegated the assessment to a taxing master.

Court Disposition

Application granted; assessment ordered

Orders

  • The assessment of the Joint and Several Liquidators' fees is to be undertaken by a taxing master.