RE BEAUTIFUL CORPORATION LTD

RE BEAUTIFUL CORPORATION LTD

Provisional liquidators were appointed because there was a prima facie case for winding up, the company was apparently insolvent with competing creditor claims, perishable assets were at risk and held in disputed locations including a shareholder's residence, and an independent officer was necessary to take possession, determine claims and realise assets for the benefit of creditors.

Citation
RE BEAUTIFUL CORPORATION LTD
Parties
Petitioner and Shareholder: Miss Chan Yuen Fung Dawn; Company (subject): Beautiful Corporation Limited; Opposing Contributory and Shareholder: Ms Hua Thieu Man Jeannie; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 August 2003
Case Number
HCCW732/2003
Procedural Posture
Companies (winding Up) No. 732 of 2003 / Application for Appointment of Provisional Liquidators (interim/ex Parte on Notice)
Outcome
Provisional liquidators appointed for Beautiful Corporation Limited
Legal Topics
Provisional Liquidators, Winding Up Petition, Preservation and Realization of Assets, Perishable Goods, Undertaking to Court, Validation Order
Source Language
EN
Company Law Insolvency Equity Civil Procedure Provisional Liquidators Winding Up Petition Preservation and Realization of Assets Perishable Goods +2 more

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Parties

Miss Chan Yuen Fung Dawn

Petitioner and Shareholder

Beautiful Corporation Limited

Company (subject)

Ms Hua Thieu Man Jeannie

Opposing Contributory and Shareholder

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) No. 732 of 2003 / Application for Appointment of Provisional Liquidators (interim/ex Parte on Notice)

Legal Issues

  1. 1 Whether the court should appoint provisional liquidators to preserve company assets pending determination of a winding-up petition
  2. 2 Whether assets removed to a shareholder's residence are company property or have passed to customers
  3. 3 Risk of dissipation of perishable inventory and conflict between contributories

Ratio Decidendi

Provisional liquidators were appointed because there was a prima facie case for winding up, the company was apparently insolvent with competing creditor claims, perishable assets were at risk and held in disputed locations including a shareholder's residence, and an independent officer was necessary to take possession, determine claims and realise assets for the benefit of creditors.

Court Disposition

Provisional liquidators appointed for Beautiful Corporation Limited

Orders

  • An order appointing provisional liquidators for Beautiful Corporation Limited
  • Hearing to be listed to hear the petitioner and the Official Receiver on the terms of the order for appointment