RE MEI CHEONG IEONG HONG (H.K.) LTD.

RE MEI CHEONG IEONG HONG (H.K.) LTD.

Adjournment applications were refused because the proposed restructuring plans were speculative and nascent, parties had ample prior opportunity to prepare evidence and proposals (including months of prior discussion), and the proposals depended on cooperation from petitioning banks and the joint venture partner which was unlikely; however leave was granted to file specific late affirmations subject to an undertaking.

Citation
RE MEI CHEONG IEONG HONG (H.K.) LTD.
Parties
Petitioner: Petitioning banks; Company (respondent): MEI CHEONG IEONG HONG (H.K.) LIMITED; Opposing Contributory: Silverdew
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
8 November 1999
Case Number
HCCW375/1999
Procedural Posture
Companies (winding Up) / Hearing — Application for Adjournment; Ruling Issued
Outcome
Adjournment refused; specified late affidavits permitted subject to conditions
Legal Topics
Winding Up, Adjournment, Restructuring Proposals, Evidence Filing Deadlines
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Adjournment Restructuring Proposals Evidence Filing Deadlines

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Parties

Petitioning banks

Petitioner

MEI CHEONG IEONG HONG (H.K.) LIMITED

Company (respondent)

Silverdew

Opposing Contributory

Procedural Posture

Companies (winding Up) / Hearing — Application for Adjournment; Ruling Issued

Legal Issues

  1. 1 Whether to grant an adjournment to permit formulation of restructuring proposals
  2. 2 Whether last‑minute affidavits and proposals justify adjournment
  3. 3 Whether the proposed restructuring is sufficiently advanced and viable given need for creditors' and joint venture partner's cooperation

Ratio Decidendi

Adjournment applications were refused because the proposed restructuring plans were speculative and nascent, parties had ample prior opportunity to prepare evidence and proposals (including months of prior discussion), and the proposals depended on cooperation from petitioning banks and the joint venture partner which was unlikely; however leave was granted to file specific late affirmations subject to an undertaking.

Court Disposition

Adjournment refused; specified late affidavits permitted subject to conditions

Orders

  • Leave granted to the Company to file the 3rd affirmation of Wong Chung Fat dated 4 November 1999
  • Leave granted to rely upon the affirmation of Christina Cheung Choi Oi provided Silverdew undertakes to ensure that affirmation is duly made