RE HUAQING ORIENTAL MINING (HOLDINGS) LTD (IN LIQUIDATION)

RE HUAQING ORIENTAL MINING (HOLDINGS) LTD (IN LIQUIDATION)

The court cannot rescind a sealed and perfected winding-up order by inherent jurisdiction but may grant a permanent stay under section 209(1) where the applicant shows liquidation debts and expenses are paid or provided for, there are no matters requiring investigation, and the Provisional Liquidators do not object; on the facts here those conditions were met subject to the applicant's undertaking to pay the outstanding creditor, so a permanent stay was warranted.

Citation
RE HUAQING ORIENTAL MINING (HOLDINGS) LTD (IN LIQUIDATION)
Parties
Applicant / Contributory: Chau Yin Wah; Petitioner / Judgment Creditor: Wonip Industries Ltd; Company / Respondent: Huaqing Oriental Mining (Holdings) Limited (in liquidation); Provisional Liquidators: Provisional Liquidators
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
26 June 2003
Case Number
HCCW930/2002
Procedural Posture
Companies (winding Up) / Hearing on Application for Rescission or Permanent Stay of Winding Up Order
Outcome
Permanent stay of winding-up proceedings granted under section 209(1) Companies Ordinance.
Legal Topics
Winding Up, Stay of Proceedings, Rescission of Order, Liquidator's Costs
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Stay of Proceedings Rescission of Order Liquidator's Costs

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Parties

Chau Yin Wah

Applicant / Contributory

Wonip Industries Ltd

Petitioner / Judgment Creditor

Huaqing Oriental Mining (Holdings) Limited (in liquidation)

Company / Respondent

Provisional Liquidators

Provisional Liquidators

Procedural Posture

Companies (winding Up) / Hearing on Application for Rescission or Permanent Stay of Winding Up Order

Legal Issues

  1. 1 Whether the court has inherent jurisdiction to rescind a sealed and perfected winding-up order
  2. 2 Whether a permanent stay under section 209(1) Companies Ordinance should be granted
  3. 3 Whether the debts and expenses of the liquidation are paid or satisfactorily provided for

Ratio Decidendi

The court cannot rescind a sealed and perfected winding-up order by inherent jurisdiction but may grant a permanent stay under section 209(1) where the applicant shows liquidation debts and expenses are paid or provided for, there are no matters requiring investigation, and the Provisional Liquidators do not object; on the facts here those conditions were met subject to the applicant's undertaking to pay the outstanding creditor, so a permanent stay was warranted.

Court Disposition

Permanent stay of winding-up proceedings granted under section 209(1) Companies Ordinance.

Orders

  • Permanent stay of the winding-up proceedings granted
  • Applicant to pay in full the debt of Mr Fong Wan Tak of HK$6,732.39 in the event Mr Fong makes a demand for payment