RE REGALTRONIC LTD

RE REGALTRONIC LTD

The court removed the existing liquidators for statutory breaches and ordered that retained funds of HK$88,790.95 attract interest at 20% per annum from receipt to payment under s202(2)(a); HK$43,000 paid to solicitors must be returned to the Companies Liquidation Account for taxation under Rule 179(2); liquidators may retain fees already paid and recover justified outstanding fees; Official Receiver's costs of $59,185 awarded against the former liquidators.

Citation
RE REGALTRONIC LTD
Parties
Company in Liquidation: Regaltronic Limited; Applicant/trustee in Liquidation: Official Receiver (represented by Ms Joyce Lam); Former Joint and Several Liquidator: Mr Fung Wing Yuen; Former Joint and Several Liquidator: Mr Pang Hoi Choi Robin; Appointed Joint and Several Liquidator: Mr Kong Chi How Johnson; Appointed Joint and Several Liquidator: Mr Wu Shek Chun Wilfred
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
15 May 2012
Case Number
HCCW193/2003
Procedural Posture
Companies (winding Up) Proceedings / Decision (in Chambers)
Outcome
Application granted in part: former liquidators removed; replacement liquidators appointed; specified monetary and procedural orders made.
Legal Topics
Removal of Liquidator, Statutory Duties of Liquidators, Payment Into Companies Liquidation Account, Interest Penalty for Retention of Funds, Taxation of Solicitors' Fees, Liquidators' Remuneration and Costs
Source Language
EN
Company Law Insolvency/winding Up Civil Procedure Removal of Liquidator Statutory Duties of Liquidators Payment Into Companies Liquidation Account Interest Penalty for Retention of Funds Taxation of Solicitors' Fees +1 more

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Parties

Regaltronic Limited

Company in Liquidation

Official Receiver (represented by Ms Joyce Lam)

Applicant/trustee in Liquidation

Mr Fung Wing Yuen

Former Joint and Several Liquidator

Mr Pang Hoi Choi Robin

Former Joint and Several Liquidator

Mr Kong Chi How Johnson

Appointed Joint and Several Liquidator

Mr Wu Shek Chun Wilfred

Appointed Joint and Several Liquidator

Procedural Posture

Companies (winding Up) Proceedings / Decision (in Chambers)

Legal Issues

  1. 1 Whether there is good cause to remove the existing liquidators
  2. 2 Whether sums received by liquidators were required by s202(2) Companies Ordinance to be paid into the Companies Liquidation Account
  3. 3 Whether interest at 20% per annum under s202(2)(a) should be imposed on retained funds

Ratio Decidendi

The court removed the existing liquidators for statutory breaches and ordered that retained funds of HK$88,790.95 attract interest at 20% per annum from receipt to payment under s202(2)(a); HK$43,000 paid to solicitors must be returned to the Companies Liquidation Account for taxation under Rule 179(2); liquidators may retain fees already paid and recover justified outstanding fees; Official Receiver's costs of $59,185 awarded against the former liquidators.

Court Disposition

Application granted in part: former liquidators removed; replacement liquidators appointed; specified monetary and procedural orders made.

Orders

  • That Mr Fung Wing Yuen and Mr Pang Ho Choi Robin, both of Fung & Pang CPA Limited be removed as liquidators of the company.
  • That Mr Fung Wing Yuen and Mr Pang Ho Choi Robin be at liberty to file for the approval of the court a schedule of disbursements incurred in respect to the liquidation of the company within 14 days from the date of their delivery up of the books and documents of the company, and the updated accounts of the company...