RE GOLD WO INTERNATIONAL HOLDINGS LTD

RE GOLD WO INTERNATIONAL HOLDINGS LTD

There was no viable restructuring proposal before the court nor in‑principle support from the statutory majority of creditors and, given the terminated investor agreement and Stock Exchange rejection, further adjournment was unwarranted; accordingly winding‑up orders were made for each company and petitioners' costs were to be paid out of the respective companies' assets.

Citation
RE GOLD WO INTERNATIONAL HOLDINGS LTD
Parties
Petitioner and Creditor (bank): The Hong Kong and Shanghai Banking Corporation; Respondent Company (debtor): Gold Wo Melamine Product Company Limited; Respondent Company (debtor): Richlink Asia Limited; Respondent Company (debtor); Listed Holding Company: Gold Wo International Holdings Limited; Opposing Creditor: Guangdong Keen Lloyd Holdings Limited; Opposing Creditor: Guangdong Winko Investment Limited; Proposed Rescuer / Proponent of Revised Rescue Proposal: Winko Foundation Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
14 June 2004
Case Number
HCCW33/2003
Procedural Posture
Companies (winding Up) Petitions (hccw 31/2003; HCCW 32/2003; HCCW 33/2003) / Final Hearing and Judgment; Winding Up Orders Made (14 June 2004)
Legal Topics
Winding Up, Provisional Liquidators, Restructuring/rescue Proposals, Creditor Opposition, De Listing and Stock Exchange Resumption
Source Language
EN
Company Law Insolvency Law Banking Law Securities Regulation Winding Up Provisional Liquidators Restructuring/rescue Proposals Creditor Opposition +1 more

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Parties

The Hong Kong and Shanghai Banking Corporation

Petitioner and Creditor (bank)

Gold Wo Melamine Product Company Limited

Respondent Company (debtor)

Richlink Asia Limited

Respondent Company (debtor)

Gold Wo International Holdings Limited

Respondent Company (debtor); Listed Holding Company

Guangdong Keen Lloyd Holdings Limited

Opposing Creditor

Guangdong Winko Investment Limited

Opposing Creditor

Winko Foundation Limited

Proposed Rescuer / Proponent of Revised Rescue Proposal

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Petitions (hccw 31/2003; HCCW 32/2003; HCCW 33/2003) / Final Hearing and Judgment; Winding Up Orders Made (14 June 2004)

Legal Issues

  1. 1 Whether the companies were unable to pay their debts and should be wound up
  2. 2 Whether a viable restructuring/rescue proposal existed that justified further adjournment
  3. 3 Whether there was in‑principle support from the required statutory majority of creditors for any compromise or rescue

Ratio Decidendi

There was no viable restructuring proposal before the court nor in‑principle support from the statutory majority of creditors and, given the terminated investor agreement and Stock Exchange rejection, further adjournment was unwarranted; accordingly winding‑up orders were made for each company and petitioners' costs were to be paid out of the respective companies' assets.