RE GOLD-FINANCE HOLDINGS LTD

RE GOLD-FINANCE HOLDINGS LTD

A regulating order should be granted and the provisional liquidators appointed as joint and several liquidators because convening quorate meetings is impracticable, the Official Receiver raised no substantive objection, and the alleged conflict (intercompany debt of approximately HK$626,000 representing about 0.2% of liabilities) is theoretical and insufficient to bar the appointment given the limited assets and no realistic prospect of further realisations.

Citation
[2021] HKCFI 1674
Parties
Petitioner: Petitioner; Respondent/company: Gold-Finance Holdings Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
4 June 2021
Case Number
HCCW172/2019
Procedural Posture
Companies Winding Up Proceedings / Application Pursuant to S227 A(1) for a Regulating Order Following Winding Up Order; Appointment of Liquidators
Outcome
Regulating order granted appointing Lai Kar Yan (Derek), Ho Kwok Leung (Glen) and Yip Wa Ming (Ben) as joint and several liquidators.
Legal Topics
Regulating Order, Appointment of Liquidators, Conflict of Interest, Winding Up
Source Language
EN
Company Law Insolvency Law Civil Procedure Regulating Order Appointment of Liquidators Conflict of Interest Winding Up

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Parties

Petitioner

Petitioner

Gold-Finance Holdings Limited

Respondent/company

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Proceedings / Application Pursuant to S227 A(1) for a Regulating Order Following Winding Up Order; Appointment of Liquidators

Legal Issues

  1. 1 Whether to make a regulating order under s227A(1) Cap 32
  2. 2 Whether to appoint the provisional liquidators as joint and several liquidators despite a potential conflict of interest
  3. 3 Whether it is practicable or cost effective to convene meetings of creditors and contributories

Ratio Decidendi

A regulating order should be granted and the provisional liquidators appointed as joint and several liquidators because convening quorate meetings is impracticable, the Official Receiver raised no substantive objection, and the alleged conflict (intercompany debt of approximately HK$626,000 representing about 0.2% of liabilities) is theoretical and insufficient to bar the appointment given the limited assets and no realistic prospect of further realisations.

Court Disposition

Regulating order granted appointing Lai Kar Yan (Derek), Ho Kwok Leung (Glen) and Yip Wa Ming (Ben) as joint and several liquidators.

Orders

  • Regulating order pursuant to s227A(1) Cap 32 appointing Lai Kar Yan (Derek), Ho Kwok Leung (Glen) and Yip Wa Ming (Ben) as joint and several liquidators in the terms of the summons
  • Attendance of the Official Receiver excused