RE LEADKEEN INDUSTRIAL LTD
Because the debts were due and unpaid, insolvency was undisputed, HSBC had assigned its debts necessitating substitution of the petitioner, and the provisional liquidators reported no reason to continue provisional liquidation, the court ordered the substitution and made winding-up orders against the three companies...
Source-derived case information.
- Citation
- RE LEADKEEN INDUSTRIAL LTD
- Parties
- Petitioner: Standard Chartered Bank (HK) Ltd; Supporting Creditor: HSBC; Company (debtor): Moulin Global Eyecare Holdings Limited (MGEH); Company (debtor): Moulin Global Eyecare Trading Limited (MGET); Company (debtor): Leadkeen Industrial Ltd; Provisional Liquidators: Provisional Liquidators; Official Receiver: Official Receiver
- Court
- Court of First Instance
- Jurisdiction
- Hong Kong
- Judgment Date
- 5 June 2006
- Case Number
- HCCW472/2005
- Procedural Posture
- Companies (winding Up) / Winding Up Order Made
- Outcome
- Winding-up orders made against Moulin Global Eyecare Holdings Limited, Moulin Global Eyecare Trading Limited and Leadkeen Industrial Ltd; Standard Chartered Bank (HK) Ltd substituted as petitioner and petitions amended.
- Legal Topics
- Winding Up, Provisional Liquidation, Substitution of Petitioner, Corporate Guarantees, Syndicated Loans
- Source Language
- en
Source-derived case record
Summary, issues, holding and outcome
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Parties
Standard Chartered Bank (HK) Ltd
Petitioner
HSBC
Supporting Creditor
Moulin Global Eyecare Holdings Limited (MGEH)
Company (debtor)
Moulin Global Eyecare Trading Limited (MGET)
Company (debtor)
Leadkeen Industrial Ltd
Company (debtor)
Provisional Liquidators
Provisional Liquidators
Official Receiver
Official Receiver
Procedural Posture
Companies (winding Up) / Winding Up Order Made
Legal Issues
- 1 Whether the petitioner should be substituted following assignment of debts
- 2 Whether winding-up orders should be made given admitted insolvency and unpaid debts
- 3 Whether provisional liquidation should continue pending realisation of assets
Ratio Decidendi
Because the debts were due and unpaid, insolvency was undisputed, HSBC had assigned its debts necessitating substitution of the petitioner, and the provisional liquidators reported no reason to continue provisional liquidation, the court ordered the substitution and made winding-up orders against the three companies with petitioners' costs to be paid out of company assets.
Court Disposition
Winding-up orders made against Moulin Global Eyecare Holdings Limited, Moulin Global Eyecare Trading Limited and Leadkeen Industrial Ltd; Standard Chartered Bank (HK) Ltd substituted as petitioner and petitions amended.
Orders
- Substitute Standard Chartered Bank (HK) Ltd as petitioner in each petition.
- Amend the petitions accordingly.
Full Case Text
Judgment text and source record
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