RE BONDWAY (ASIA) CO. LTD.

RE BONDWAY (ASIA) CO. LTD.

Because the debt was undisputed and the company was plainly unable to pay its debts, the petitioner was entitled ex debito justitiae to a winding-up order; alleged unethical conduct by the petitioner did not justify refusal to wind up.

Citation
RE BONDWAY (ASIA) CO. LTD.
Parties
Petitioner: Dao Corning Corporation (trading as Dao Corning Asia); Company (respondent): Bondway (Asia) Company Limited; Official Receiver: Ms Teresa Wong
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
8 July 2002
Case Number
HCCW360/2002
Procedural Posture
Companies (winding Up) Petition / Judgment Winding Up Order Made
Outcome
Winding-up order made against Bondway (Asia) Company Limited
Legal Topics
Winding Up, Statutory Demand, Inability to Pay Debts, Going Concern
Source Language
EN
Company Law Insolvency Commercial Law Winding Up Statutory Demand Inability to Pay Debts Going Concern

Case Brief

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Parties

Dao Corning Corporation (trading as Dao Corning Asia)

Petitioner

Bondway (Asia) Company Limited

Company (respondent)

Ms Teresa Wong

Official Receiver

Procedural Posture

Companies (winding Up) Petition / Judgment Winding Up Order Made

Legal Issues

  1. 1 Whether the company is unable to pay its debts
  2. 2 Whether the petitioner is entitled to a winding-up order ex debito justitiae
  3. 3 Whether the court should refuse to wind up the company because of the petitioner's alleged support for a competing business

Ratio Decidendi

Because the debt was undisputed and the company was plainly unable to pay its debts, the petitioner was entitled ex debito justitiae to a winding-up order; alleged unethical conduct by the petitioner did not justify refusal to wind up.

Court Disposition

Winding-up order made against Bondway (Asia) Company Limited

Orders

  • Winding-up order made against Bondway (Asia) Company Limited
  • Petitioner’s costs to be paid out of the company’s assets