RE WINFUL INTERNATIONAL (HOLDING) LTD

RE WINFUL INTERNATIONAL (HOLDING) LTD

The winding-up order was rescinded because the court was satisfied that (1) arrangements had been made to pay the petitioning debt and supporting creditors, (2) the company was established to be solvent on the available audited and management accounts and the principal creditor-director confirmed he would not call his loans for the time being, and (3) the Official Receiver did not require investigation of the company's affairs.

Citation
RE WINFUL INTERNATIONAL (HOLDING) LTD
Parties
Petitioner: Ms Hui Kwai Ho; Applicant; Director and Contributory: Mr Chau Leung; Company (subject): Winful International (Holding) Ltd; Provisional Liquidators: Provisional Liquidators; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 June 2003
Case Number
HCCW8/2003
Procedural Posture
Companies (winding Up) No. 8 of 2003 / Application to Rescind Winding Up Order; Hearing and Judgment
Outcome
Winding-up order rescinded; petition dismissed
Legal Topics
Winding Up, Rescission of Winding Up Order, Solvency, Creditors' Arrangements, Costs
Source Language
EN
Company Law Insolvency Bankruptcy Civil Procedure Winding Up Rescission of Winding Up Order Solvency Creditors' Arrangements +1 more

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Parties

Ms Hui Kwai Ho

Petitioner

Mr Chau Leung

Applicant; Director and Contributory

Winful International (Holding) Ltd

Company (subject)

Provisional Liquidators

Provisional Liquidators

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) No. 8 of 2003 / Application to Rescind Winding Up Order; Hearing and Judgment

Legal Issues

  1. 1 Whether the winding-up order should be rescinded
  2. 2 Whether the company is solvent
  3. 3 Whether petitioning debt and supporting creditors have been paid or arrangements made

Ratio Decidendi

The winding-up order was rescinded because the court was satisfied that (1) arrangements had been made to pay the petitioning debt and supporting creditors, (2) the company was established to be solvent on the available audited and management accounts and the principal creditor-director confirmed he would not call his loans for the time being, and (3) the Official Receiver did not require investigation of the company's affairs.

Court Disposition

Winding-up order rescinded; petition dismissed

Orders

  • The winding-up order made on 26 February 2003 is rescinded.
  • The winding-up petition is dismissed.