RE GOLD WO MELAMINE PRODUCT CO LTD

RE GOLD WO MELAMINE PRODUCT CO LTD

There was no viable restructuring proposal before the court and no evidence of in-principle support from the required statutory majority of creditors; the investor had terminated the earlier restructuring agreement and the Stock Exchange had imposed conditions making resumption unlikely. On that basis the court was satisfied winding-up orders should be made for each company.

Citation
RE GOLD WO MELAMINE PRODUCT CO LTD
Parties
Petitioner: The Hong Kong and Shanghai Banking Corporation; Provisional Liquidators: Provisional Liquidators; Company (debtor): Gold Wo Melamine Product Company Limited; Company (debtor): Richlink Asia Limited; Company (debtor): Gold Wo International Holdings Limited; Opposing Creditor: Guangdong Keen Lloyd Holdings Limited; Opposing Creditor: Guangdong Winko Investment Limited; Proposed Rescuer: Winko Foundation Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
14 June 2004
Case Number
HCCW31/2003
Procedural Posture
Companies (winding Up) Petitions (hccw Nos.31 33 of 2003) / Final Hearing and Judgment; Winding Up Orders Made
Outcome
Winding-up orders made in respect of Gold Wo Melamine Product Company Limited (HCCW No.31/2003), Richlink Asia Limited (HCCW No.32/2003) and Gold Wo International Holdings Limited (HCCW No.33/2003).
Legal Topics
Winding Up, Provisional Liquidation, Restructuring Proposals, Creditors' Rights, Demand for Payment, Listing Suspension
Source Language
EN
Company Law Insolvency Banking Law Corporate Rescue Winding Up Provisional Liquidation Restructuring Proposals Creditors' Rights +2 more

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Parties

The Hong Kong and Shanghai Banking Corporation

Petitioner

Provisional Liquidators

Provisional Liquidators

Gold Wo Melamine Product Company Limited

Company (debtor)

Richlink Asia Limited

Company (debtor)

Gold Wo International Holdings Limited

Company (debtor)

Guangdong Keen Lloyd Holdings Limited

Opposing Creditor

Guangdong Winko Investment Limited

Opposing Creditor

Winko Foundation Limited

Proposed Rescuer

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Petitions (hccw Nos.31 33 of 2003) / Final Hearing and Judgment; Winding Up Orders Made

Legal Issues

  1. 1 Whether to grant winding-up orders for the three companies
  2. 2 Whether there exists a viable restructuring/rescue proposal warranting further adjournment
  3. 3 Whether the requisite support of the statutory majority of creditors exists for any purported rescue

Ratio Decidendi

There was no viable restructuring proposal before the court and no evidence of in-principle support from the required statutory majority of creditors; the investor had terminated the earlier restructuring agreement and the Stock Exchange had imposed conditions making resumption unlikely. On that basis the court was satisfied winding-up orders should be made for each company.

Court Disposition

Winding-up orders made in respect of Gold Wo Melamine Product Company Limited (HCCW No.31/2003), Richlink Asia Limited (HCCW No.32/2003) and Gold Wo International Holdings Limited (HCCW No.33/2003).

Orders

  • Winding-up order made in each of HCCW Nos.31-33 of 2003
  • Costs of the petitioner in each petition to be paid out of the assets of the company concerned