RE VERY NICE HOLDINGS LTD.

RE VERY NICE HOLDINGS LTD.

Because the Company failed to produce sufficient evidence or credible grounds to justify an adjournment of a long-due judgment debt despite admitting substantial liability, the court exercised its discretion to refuse an adjournment and ordered the Company to be wound up.

Citation
RE VERY NICE HOLDINGS LTD.
Parties
Petitioner: Petitioner; Company / Respondent: Very Nice Holdings Limited; Interested Party: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
7 May 2001
Case Number
HCCW20/2001
Procedural Posture
Companies Winding Up Proceedings / Final Hearing / Winding Up Order Made
Outcome
Winding-up order made against Very Nice Holdings Limited
Legal Topics
Winding Up, Statutory Demand, Judgment Debt, Adjournment Application
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Statutory Demand Judgment Debt Adjournment Application

Case Brief

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Parties

Petitioner

Petitioner

Very Nice Holdings Limited

Company / Respondent

Official Receiver

Interested Party

Procedural Posture

Companies Winding Up Proceedings / Final Hearing / Winding Up Order Made

Legal Issues

  1. 1 Whether the company should be wound up for inability to pay its debts following a judgment debt and statutory demand
  2. 2 Whether there were sufficient grounds to grant an adjournment to allow repayment or realisation of assets
  3. 3 What evidential material is required to persuade the court to exercise its discretion to adjourn a winding-up petition

Ratio Decidendi

Because the Company failed to produce sufficient evidence or credible grounds to justify an adjournment of a long-due judgment debt despite admitting substantial liability, the court exercised its discretion to refuse an adjournment and ordered the Company to be wound up.

Court Disposition

Winding-up order made against Very Nice Holdings Limited

Orders

  • Winding-up order made against Very Nice Holdings Limited
  • Adjournment refused