RE MOULIN GLOBAL EYECARE TRADING LTD

RE MOULIN GLOBAL EYECARE TRADING LTD

The court ordered winding up because the companies were undisputedly insolvent, demanded debts remained unpaid, the provisional liquidation’s purpose had largely been achieved (sale of the main asset was effectively completed), and substitution of the petitioner was appropriate so that the creditor entitled to pursue the petitions could obtain final winding-up orders to adjudicate proofs of debt and effect distributions to unsecured creditors.

Citation
RE MOULIN GLOBAL EYECARE TRADING LTD
Parties
Petitioner: Standard Chartered Bank (HK) Ltd; 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; Supporting Creditor: HSBC; Assignee of Debts: Deutsche Bank AG, London; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
5 June 2006
Case Number
HCCW471/2005
Procedural Posture
Companies (winding Up) / Winding Up Order Made (final Order)
Outcome
Winding-up orders made against Moulin Global Eyecare Holdings Limited, Moulin Global Eyecare Trading Limited and Leadkeen Industrial Ltd.
Legal Topics
Winding Up, Provisional Liquidation, Substitution of Petitioner, Assignment of Debts, Corporate Guarantees, Proofs of Debt and Distribution
Source Language
EN
Company Law Insolvency Law Banking Law Civil Procedure Winding Up Provisional Liquidation Substitution of Petitioner Assignment of Debts +2 more

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Parties

Standard Chartered Bank (HK) Ltd

Petitioner

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

HSBC

Supporting Creditor

Deutsche Bank AG, London

Assignee of Debts

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) / Winding Up Order Made (final Order)

Legal Issues

  1. 1 Whether the petitioner should be substituted following assignment of debts
  2. 2 Whether companies should remain in provisional liquidation or be wound up
  3. 3 Whether winding-up orders should be made to adjudicate proofs and effect distributions

Ratio Decidendi

The court ordered winding up because the companies were undisputedly insolvent, demanded debts remained unpaid, the provisional liquidation’s purpose had largely been achieved (sale of the main asset was effectively completed), and substitution of the petitioner was appropriate so that the creditor entitled to pursue the petitions could obtain final winding-up orders to adjudicate proofs of debt and effect distributions to unsecured creditors.

Court Disposition

Winding-up orders made against Moulin Global Eyecare Holdings Limited, Moulin Global Eyecare Trading Limited and Leadkeen Industrial Ltd.

Orders

  • Proofs of debt to be adjudicated and distributions to unsecured creditors to be effected in the winding-up