WAH YAN PROPERTY LTD. v. IDEACTION STRATEGIC INVESTMENT LTD. AND ANOTHER

WAH YAN PROPERTY LTD. v. IDEACTION STRATEGIC INVESTMENT LTD. AND ANOTHER

Because the petitioner established an unopposed debt in excess of $20,000,000 and abandoned the just and equitable ground, the court was satisfied the company was insolvent and made a winding-up order under section 177(1)(d) of the Companies Ordinance.

Citation
WAH YAN PROPERTY LTD. v. IDEACTION STRATEGIC INVESTMENT LTD. AND ANOTHER
Parties
Petitioner: Wah Yan Property Limited; 1st Respondent: Ideaction Strategic Investment Limited; 2nd Respondent: Ideaction Holdings Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 September 1999
Case Number
HCCW187/1997
Procedural Posture
Winding Up Petition Under the Companies Ordinance / Hearing and Judgment (winding Up Order Made)
Outcome
Winding-up order made under section 177(1)(d) of the Companies Ordinance
Legal Topics
Winding Up, Insolvency, Costs
Source Language
EN
Companies Law Insolvency Law Civil Procedure Winding Up Insolvency Costs

Case Brief

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Parties

Wah Yan Property Limited

Petitioner

Ideaction Strategic Investment Limited

1st Respondent

Ideaction Holdings Limited

2nd Respondent

Procedural Posture

Winding Up Petition Under the Companies Ordinance / Hearing and Judgment (winding Up Order Made)

Legal Issues

  1. 1 Whether the company should be wound up as just and equitable (withdrawn)
  2. 2 Whether the company is insolvent and liable to be wound up on the debt ground
  3. 3 Allocation of costs in winding-up proceedings

Ratio Decidendi

Because the petitioner established an unopposed debt in excess of $20,000,000 and abandoned the just and equitable ground, the court was satisfied the company was insolvent and made a winding-up order under section 177(1)(d) of the Companies Ordinance.

Court Disposition

Winding-up order made under section 177(1)(d) of the Companies Ordinance

Orders

  • The Company (Ideaction Strategic Investment Limited) is to be wound up under section 177(1)(d) of the Companies Ordinance.
  • The Official Receiver's costs shall be paid out of the 1st Respondent's assets.