RE YIU WING INVESTMENT HOLDINGS LTD

RE YIU WING INVESTMENT HOLDINGS LTD

The judgment debt was undisputed and there was no cross-claim or legal basis for set-off against the petitioner; unrelated claims or third-party undertakings do not discharge the debt and the instalment offer was insufficient to prevent winding-up, therefore a winding-up order must be made.

Citation
RE YIU WING INVESTMENT HOLDINGS LTD
Parties
Petitioner (judgment Creditor): Impact Entertainment (International) Limited trading as Entertainment Impact; Respondent (company): Yiu Wing Investment Holdings Limited formerly known as Yiu Wing Entertainment Company Limited; Interested Party: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
19 March 2007
Case Number
HCCW13/2007
Procedural Posture
Winding Up Petition (creditor) Under Companies Ordinance Cap. 32 / Hearing and Judgment Winding Up Order Made
Outcome
Winding-up order made against Yiu Wing Investment Holdings Limited
Legal Topics
Winding Up, Judgment Debt, Set Off, Liquidator Powers
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Judgment Debt Set Off Liquidator Powers

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Parties

Impact Entertainment (International) Limited trading as Entertainment Impact

Petitioner (judgment Creditor)

Yiu Wing Investment Holdings Limited formerly known as Yiu Wing Entertainment Company Limited

Respondent (company)

Official Receiver

Interested Party

Procedural Posture

Winding Up Petition (creditor) Under Companies Ordinance Cap. 32 / Hearing and Judgment Winding Up Order Made

Legal Issues

  1. 1 Whether a creditor judgment debt unsatisfied entitles the creditor to a winding-up order
  2. 2 Whether unrelated claims or third-party undertakings can operate as a set-off to defeat a winding-up petition
  3. 3 Whether an offer to pay by instalments can prevent a winding-up order

Ratio Decidendi

The judgment debt was undisputed and there was no cross-claim or legal basis for set-off against the petitioner; unrelated claims or third-party undertakings do not discharge the debt and the instalment offer was insufficient to prevent winding-up, therefore a winding-up order must be made.

Court Disposition

Winding-up order made against Yiu Wing Investment Holdings Limited

Orders

  • Order that Yiu Wing Investment Holdings Limited be wound up
  • Petitioner’s costs to be paid out of the Company’s assets