RE THE AMERY CHINA BUILDING CO LTD

RE THE AMERY CHINA BUILDING CO LTD

The court exercised its statutory discretionary power and held that on the evidence the company was insolvent with poor prospects, disclosures and undertakings were inadequate and unreliable, and therefore it was proper to make a winding-up order in favour of the petitioning creditor.

Citation
RE THE AMERY CHINA BUILDING CO LTD
Parties
Petitioner: Petitioner (judgment creditor); Respondent (company): Amery China Building Company Limited; Opposing Creditor and Contributory (managing Director): Chan Hak Kong; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
3 April 1982
Case Number
HCCW8/1982
Procedural Posture
Compulsory Winding Up Petition / Judgment Delivered
Outcome
Winding-up order made against Amery China Building Company Limited
Legal Topics
Winding Up, Creditors' Petitions, Court Discretion in Insolvency, Undertakings, Adjournment Vs Provisional Liquidation
Source Language
EN
Company Law Insolvency Law Civil Procedure Winding Up Creditors' Petitions Court Discretion in Insolvency Undertakings Adjournment Vs Provisional Liquidation

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Parties

Petitioner (judgment creditor)

Petitioner

Amery China Building Company Limited

Respondent (company)

Chan Hak Kong

Opposing Creditor and Contributory (managing Director)

Official Receiver

Official Receiver

Procedural Posture

Compulsory Winding Up Petition / Judgment Delivered

Legal Issues

  1. 1 Whether petitioning creditor entitled to winding-up order ex debito justitiae despite opposing creditors
  2. 2 Weight to be given to wishes of opposing creditors (majority vs minority in value)
  3. 3 Whether absence of assets excludes winding-up order

Ratio Decidendi

The court exercised its statutory discretionary power and held that on the evidence the company was insolvent with poor prospects, disclosures and undertakings were inadequate and unreliable, and therefore it was proper to make a winding-up order in favour of the petitioning creditor.

Court Disposition

Winding-up order made against Amery China Building Company Limited

Orders

  • Winding-up order made.
  • Costs of the petitioner to be paid by the company and the opposing creditor; costs against the company to be paid out of the company’s assets.