WENG HENG INVESTMENT CO LTD

WENG HENG INVESTMENT CO LTD

A valid demand had been served and the Company admitted substantial indebtedness and was not able to pay; consequently the court must make a winding-up order under the Companies Ordinance.

Citation
WENG HENG INVESTMENT CO LTD
Parties
Petitioner (assignee of Bank of China Loan Portfolio): Umbrella Finance Company Limited; Respondent (company to Be Wound Up): Weng Heng Investment Company Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 February 2005
Case Number
HCCW1267/2004
Procedural Posture
Winding Up Petition Under Companies Ordinance / Judgment and Winding Up Order
Outcome
Winding-up order made against Weng Heng Investment Company Limited.
Legal Topics
Winding Up, Statutory Demand, Debt Assignment, Inability to Pay
Source Language
EN
Companies Law Insolvency Commercial Law Winding Up Statutory Demand Debt Assignment Inability to Pay

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Parties

Umbrella Finance Company Limited

Petitioner (assignee of Bank of China Loan Portfolio)

Weng Heng Investment Company Limited

Respondent (company to Be Wound Up)

Official Receiver

Official Receiver

Procedural Posture

Winding Up Petition Under Companies Ordinance / Judgment and Winding Up Order

Legal Issues

  1. 1 Whether a debt was due and payable by the Company to the petitioner
  2. 2 Whether a valid demand was served under section 178(1)(a) of the Companies Ordinance (Cap. 32)
  3. 3 Whether the Company was unable to pay and therefore should be wound up

Ratio Decidendi

A valid demand had been served and the Company admitted substantial indebtedness and was not able to pay; consequently the court must make a winding-up order under the Companies Ordinance.

Court Disposition

Winding-up order made against Weng Heng Investment Company Limited.

Orders

  • Winding-up order made against Weng Heng Investment Company Limited.
  • The petitioner’s costs to be paid out of the Company’s assets.