RE GOLDCO DEVELOPMENT LTD

RE GOLDCO DEVELOPMENT LTD

Because the petitioning debt was proven and undisputed and the Company failed to appear or advance a meritorious defence or stay, the court was entitled to make a winding-up order and to direct that the Government's costs and the provisional liquidators' costs be paid out of the Company's assets.

Citation
RE GOLDCO DEVELOPMENT LTD
Parties
Petitioner: Hong Kong Government; Company / Respondent: Goldco Development Limited; Provisional Liquidators: Provisional Liquidators; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 January 2006
Case Number
HCCW711/2005
Procedural Posture
Winding Up Petition Under the Companies Ordinance, Cap. 32 / Judgment — Winding Up Order Made
Outcome
Winding-up order made against Goldco Development Limited
Legal Topics
Winding Up, Inability to Pay Debts, Interim Payment, Provisional Liquidators
Source Language
EN
Company Law Insolvency Law Civil Procedure Winding Up Inability to Pay Debts Interim Payment Provisional Liquidators

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Parties

Hong Kong Government

Petitioner

Goldco Development Limited

Company / Respondent

Provisional Liquidators

Provisional Liquidators

Official Receiver

Official Receiver

Procedural Posture

Winding Up Petition Under the Companies Ordinance, Cap. 32 / Judgment — Winding Up Order Made

Legal Issues

  1. 1 Whether the Company is unable to pay its debts and a winding-up order should be made
  2. 2 Whether a stay of the winding-up petition should be granted pending appeal
  3. 3 Whether costs of the Government and provisional liquidators should be paid out of the Company's assets

Ratio Decidendi

Because the petitioning debt was proven and undisputed and the Company failed to appear or advance a meritorious defence or stay, the court was entitled to make a winding-up order and to direct that the Government's costs and the provisional liquidators' costs be paid out of the Company's assets.

Court Disposition

Winding-up order made against Goldco Development Limited

Orders

  • Goldco Development Limited is to be wound up
  • The Government's costs of the petition are to be paid out of the Company's assets