RE ADVANCE GLORY DEVELOPMENT LTD

RE ADVANCE GLORY DEVELOPMENT LTD

The court ordered each company wound up because the petitioner demonstrated outstanding indebtedness supported by assignment and notice and the companies admitted they would not oppose the petitions, entitling the court to make winding-up orders and direct costs to be paid out of company assets.

Citation
RE ADVANCE GLORY DEVELOPMENT LTD
Parties
Petitioner: Umbrella Finance Company Limited; Company (respondent): Advance Glory Development Limited; Company (respondent): Lipton Development Limited; Company (respondent): Poly Choice Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 September 2004
Case Number
HCCW770/2004
Procedural Posture
Companies (winding Up) / Judgment/order (hearing 13 September 2004)
Outcome
Winding-up orders made against Advance Glory Development Limited, Lipton Development Limited and Poly Choice Limited
Legal Topics
Winding Up Petitions, Assignment of Security, Judgment Debts, Costs
Source Language
EN
Company Law Insolvency Banking and Finance Civil Procedure Winding Up Petitions Assignment of Security Judgment Debts Costs

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Parties

Umbrella Finance Company Limited

Petitioner

Advance Glory Development Limited

Company (respondent)

Lipton Development Limited

Company (respondent)

Poly Choice Limited

Company (respondent)

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) / Judgment/order (hearing 13 September 2004)

Legal Issues

  1. 1 Whether petitioner entitled to present creditor's winding-up petitions based on outstanding judgment debts and assignments
  2. 2 Whether proper notice of assignment and demand had been given
  3. 3 Calculation of indebtedness net of net realisable value of charged properties

Ratio Decidendi

The court ordered each company wound up because the petitioner demonstrated outstanding indebtedness supported by assignment and notice and the companies admitted they would not oppose the petitions, entitling the court to make winding-up orders and direct costs to be paid out of company assets.

Court Disposition

Winding-up orders made against Advance Glory Development Limited, Lipton Development Limited and Poly Choice Limited

Orders

  • Order to wind up Advance Glory Development Limited
  • Order to wind up Lipton Development Limited