RE GOOD FORTUNE AGENCY LTD.

The company failed to rebut the presumption of insolvency: the director affirmation was unconvincing and possibly defective, the balance sheet showed substantial accrued losses and inadequate liquid assets, and the proposed loan was contingent on unproven third-party security; accordingly the court exercised its...

Source-derived case information.

Citation: RE GOOD FORTUNE AGENCY LTD.
Parties: Petitioner / Landlord: Petitioner (landlord); Respondent / Company: Good Fortune Agency Limited; Official Receiver (attending): Official Receiver's Office
Court: Court of First Instance
Jurisdiction: Hong Kong
Judgment Date: 15 January 2001
Case Number: HCCW944/2000
Procedural Posture: Companies Winding Up (creditor's Petition) / Judgment (winding Up Order Made)
Outcome: Winding-up order made against Good Fortune Agency Limited
Legal Topics: Winding Up, Statutory Demand, Insolvency Test, Mesne Profits, Directors' Affirmation
Source Language: en

Company Law Insolvency Landlord and Tenant Winding Up Statutory Demand Insolvency Test Mesne Profits Directors' Affirmation

Source-derived case record

Summary, issues, holding and outcome

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Full judgment text Downloadable case file Legal principles 3 Authorities cited 1 Party arguments 2 Amounts and remedies 9

Parties

Petitioner (landlord)

Petitioner / Landlord

Good Fortune Agency Limited

Respondent / Company

Official Receiver's Office

Official Receiver (attending)

Procedural Posture

Companies Winding Up (creditor's Petition) / Judgment (winding Up Order Made)

Legal Issues

1 Whether a winding-up order should be made following non-compliance with a statutory demand
2 Whether the company has rebutted the presumption of insolvency by demonstrating ability to pay
3 Whether the evidence provided (director affirmation, balance sheet, proposed loan) is sufficient to exercise discretion against winding-up

Ratio Decidendi

Court Disposition

Winding-up order made against Good Fortune Agency Limited

Orders

Make the usual winding-up order against Good Fortune Agency Limited

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