RE RICHLINK ASIA LTD
No viable restructuring proposal supported by the requisite statutory majority of creditors existed and the provisional liquidators and petitioner rejected the late proposal; further adjournment would be futile; therefore the court made winding-up orders against each company.
- Citation
- RE RICHLINK ASIA LTD
- Parties
- Petitioner: The Hong Kong and Shanghai Banking Corporation; Company (subject): Gold Wo Melamine Product Company Limited; Company (subject): Richlink Asia Limited; Company (subject): Gold Wo International Holdings Limited; Creditor (opposing): Guangdong Keen Lloyd Holdings Limited; Creditor (opposing): Guangdong Winko Investment Limited; Interested Party (proposer): Winko Foundation Limited; Official Receiver: Official Receiver
- Court
- Court of First Instance
- Jurisdiction
- Hong Kong
- Judgment Date
- 14 June 2004
- Case Number
- HCCW32/2003
- Procedural Posture
- Companies (winding Up) / Final Hearing and Judgment (winding Up Orders Made)
- Outcome
- Winding-up orders made in respect of Gold Wo Melamine Product Company Limited, Richlink Asia Limited and Gold Wo International Holdings Limited.
- Legal Topics
- Winding Up, Provisional Liquidation, Restructuring Proposal, Creditors' Rights
- Source Language
- EN
Case Brief
Summary, issues, holding and outcome
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Parties
The Hong Kong and Shanghai Banking Corporation
Petitioner
Gold Wo Melamine Product Company Limited
Company (subject)
Richlink Asia Limited
Company (subject)
Gold Wo International Holdings Limited
Company (subject)
Guangdong Keen Lloyd Holdings Limited
Creditor (opposing)
Guangdong Winko Investment Limited
Creditor (opposing)
Winko Foundation Limited
Interested Party (proposer)
Official Receiver
Official Receiver
Procedural Posture
Companies (winding Up) / Final Hearing and Judgment (winding Up Orders Made)
Legal Issues
- 1 Whether there was a viable restructuring/resumption proposal supported by the requisite majority of creditors
- 2 Whether further adjournment should be granted to permit restructuring efforts
- 3 Whether winding-up orders should be made against the three companies
Ratio Decidendi
No viable restructuring proposal supported by the requisite statutory majority of creditors existed and the provisional liquidators and petitioner rejected the late proposal; further adjournment would be futile; therefore the court made winding-up orders against each company.
Court Disposition
Winding-up orders made in respect of Gold Wo Melamine Product Company Limited, Richlink Asia Limited and Gold Wo International Holdings Limited.
Orders
- Winding-up order made in respect of each of the three companies
- Petitioner\'s costs in each petition to be paid out of the assets of the company concerned
Full Case Text
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