RE HONG KONG MERCANTILE EXCHANGE LTD

RE HONG KONG MERCANTILE EXCHANGE LTD

Because the company's unsecured liabilities were compromised by a scheme of arrangement and the delay in completion had been resolved, the court found the established criteria for granting a permanent stay and discharging the liquidators were met and therefore ordered the stay and discharge.

Citation
[2018] HKCFI 1986
Parties
Company: Hong Kong Mercantile Exchange Limited; Liquidators: Liquidators of Hong Kong Mercantile Exchange Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 August 2018
Case Number
HCCW10/2014
Procedural Posture
Companies Winding Up Proceedings / Application for Permanent Stay of Winding Up and Discharge of Liquidators (heard in Chambers)
Outcome
Permanent stay of the winding-up granted and the liquidators discharged.
Legal Topics
Winding Up, Scheme of Arrangement, Stay of Proceedings, Discharge of Liquidators, Creditor Compromise, Commercial Morality
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Scheme of Arrangement Stay of Proceedings Discharge of Liquidators Creditor Compromise +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 2 Party arguments 2
Sign in to unlock

Parties

Hong Kong Mercantile Exchange Limited

Company

Liquidators of Hong Kong Mercantile Exchange Limited

Liquidators

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Proceedings / Application for Permanent Stay of Winding Up and Discharge of Liquidators (heard in Chambers)

Legal Issues

  1. 1 Whether to grant a permanent stay of extant winding-up proceedings
  2. 2 Whether to discharge the liquidators
  3. 3 Whether the scheme of arrangement provides for all creditors and potential outstanding liabilities

Ratio Decidendi

Because the company's unsecured liabilities were compromised by a scheme of arrangement and the delay in completion had been resolved, the court found the established criteria for granting a permanent stay and discharging the liquidators were met and therefore ordered the stay and discharge.

Court Disposition

Permanent stay of the winding-up granted and the liquidators discharged.

Orders

  • Winding-up proceedings stayed permanently
  • Liquidators discharged