Re Grand Jewellery Co. Ltd.

Re Grand Jewellery Co. Ltd.

Because a consent judgment debt of about HK$354,000 and an unsatisfied statutory demand were proved and the company filed no affidavit disputing the debt or showing a bona fide defence, the presumption of insolvency stood and the court made the usual winding-up order.

Citation
Re Grand Jewellery Co. Ltd.
Parties
Petitioner: Petitioner (judgment creditor); Company/respondent: Grand Jewellery Company Limited; Interested Party: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 March 2002
Case Number
HCCW1081/2001
Procedural Posture
Companies Winding Up Petition / Decision on Petition Winding Up Order Made
Outcome
Winding-up order made against Grand Jewellery Company Limited.
Legal Topics
Winding Up, Statutory Demand, Judgment Debt, Presumption of Insolvency
Source Language
EN
Company Law Insolvency Bankruptcy Civil Procedure Winding Up Statutory Demand Judgment Debt Presumption of Insolvency

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Parties

Petitioner (judgment creditor)

Petitioner

Grand Jewellery Company Limited

Company/respondent

Official Receiver

Interested Party

Procedural Posture

Companies Winding Up Petition / Decision on Petition Winding Up Order Made

Legal Issues

  1. 1 Whether the company should be wound up for inability to pay its debts
  2. 2 Whether a judgment debt and unsatisfied statutory demand establish a presumption of insolvency
  3. 3 Whether the company raised a bona fide dispute or defence sufficient to resist the petition

Ratio Decidendi

Because a consent judgment debt of about HK$354,000 and an unsatisfied statutory demand were proved and the company filed no affidavit disputing the debt or showing a bona fide defence, the presumption of insolvency stood and the court made the usual winding-up order.

Court Disposition

Winding-up order made against Grand Jewellery Company Limited.

Orders

  • Petition granted
  • Winding-up order made