RE IXNET HONG KONG LTD

RE IXNET HONG KONG LTD

Having been given opportunities to file up-to-date evidence of the restructuring, the company failed to file further evidence and expressly withdrew opposition; the petitioner's debt was established and a winding-up order was therefore made with costs to be paid from the company's assets.

Citation
RE IXNET HONG KONG LTD
Parties
Petitioner: Reach Networks Hong Kong Limited (formerly PCCW-HKT International Limited); Company / Respondent: Ixnet Hong Kong Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 March 2003
Case Number
HCCW1367/2002
Procedural Posture
Companies (winding Up) / Winding Up Petition Presented and Order Made After Hearing
Outcome
Winding-up order made against Ixnet Hong Kong Limited
Legal Topics
Winding Up, Debt Enforcement, Restructuring
Source Language
EN
Company Law Insolvency Winding Up Debt Enforcement Restructuring

Case Brief

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Parties

Reach Networks Hong Kong Limited (formerly PCCW-HKT International Limited)

Petitioner

Ixnet Hong Kong Limited

Company / Respondent

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) / Winding Up Petition Presented and Order Made After Hearing

Legal Issues

  1. 1 Whether Ixnet Hong Kong Limited should be wound up for inability to pay its debts
  2. 2 Whether the petitioner's claimed debt of HK$56,136,578.27 is established and justifies a winding-up order
  3. 3 Whether costs should be paid out of the company's assets

Ratio Decidendi

Having been given opportunities to file up-to-date evidence of the restructuring, the company failed to file further evidence and expressly withdrew opposition; the petitioner's debt was established and a winding-up order was therefore made with costs to be paid from the company's assets.

Court Disposition

Winding-up order made against Ixnet Hong Kong Limited

Orders

  • Winding-up order made against Ixnet Hong Kong Limited
  • Petitioner's costs to be paid out of the Company's assets