RE LONG PROFIT INTERNATIONAL LTD

RE LONG PROFIT INTERNATIONAL LTD

Contributories failed to produce any firm, signable restructuring proposal after lengthy adjournments; continuation of provisional liquidation was no longer appropriate; therefore winding-up orders were made for each of the five companies and the provisional liquidators were ordered to continue in office.

Citation
RE LONG PROFIT INTERNATIONAL LTD
Parties
Company (subject): Easy Carry Limited; Company (subject): K.C.K. Garment Factory Limited; Provisional Liquidators: Provisional Liquidators; Petitioner: China CITIC Bank International Limited; Contributory: Woo Koo Ping; Contributory: Woo Siu Hong Eric; Supporting Creditor: Ng Wai Chi; Creditor: Lai Wai Fong; Creditor: Leung Kwong Wa; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
31 October 2016
Case Number
HCCW299/2014
Procedural Posture
Companies (winding Up) Petitions Under Cap 32 / Hearing/decision – Winding Up Orders Made
Outcome
Winding-up orders made in respect of each of the five companies; provisional liquidators to continue in office.
Legal Topics
Winding Up, Provisional Liquidation, Restructuring, Moratorium, Misuse of Provisional Liquidation
Source Language
EN
Insolvency Company Law Civil Procedure Winding Up Provisional Liquidation Restructuring Moratorium Misuse of Provisional Liquidation

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Parties

Easy Carry Limited

Company (subject)

K.C.K. Garment Factory Limited

Company (subject)

Provisional Liquidators

Provisional Liquidators

China CITIC Bank International Limited

Petitioner

Woo Koo Ping

Contributory

Woo Siu Hong Eric

Contributory

Ng Wai Chi

Supporting Creditor

Lai Wai Fong

Creditor

Leung Kwong Wa

Creditor

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Petitions Under Cap 32 / Hearing/decision – Winding Up Orders Made

Legal Issues

  1. 1 Whether to make winding-up orders against the companies
  2. 2 Whether to adjourn to permit a restructuring proposal
  3. 3 Whether provisional liquidation has been misused as a moratorium

Ratio Decidendi

Contributories failed to produce any firm, signable restructuring proposal after lengthy adjournments; continuation of provisional liquidation was no longer appropriate; therefore winding-up orders were made for each of the five companies and the provisional liquidators were ordered to continue in office.

Court Disposition

Winding-up orders made in respect of each of the five companies; provisional liquidators to continue in office.

Orders

  • Winding-up orders made in respect of each of the five companies.
  • The current provisional liquidators shall continue in office.