Re Golden Dragon Land Development Ltd.

Re Golden Dragon Land Development Ltd.

Service of the statutory demand was valid because it was served at the registered office as shown in the Companies Registry; the Company was unable to pay its debts and produced no credible evidence of a viable restructuring with adequate creditor support; therefore there was no justification to adjourn and a winding up order under the Companies Ordinance was appropriate.

Citation
Re Golden Dragon Land Development Ltd.
Parties
Petitioner: Unnamed Petitioner (creditor); Company (respondent): Golden Dragon Land Development Limited; Opposing Creditor (intra Group Unsecured Creditor): Soundwill Finance Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
12 July 1999
Case Number
HCCW236/1999
Procedural Posture
Creditors' Petition for Winding Up (companies Ordinance Cap.32) / Hearing — Winding Up Order Made
Outcome
Winding up order made against Golden Dragon Land Development Limited pursuant to Companies Ordinance Cap.32
Legal Topics
Winding Up, Statutory Demand and Service, Restructuring / Scheme of Arrangement, Security for Costs, Adjournment Applications
Source Language
EN
Company Law Insolvency Law Civil Procedure Winding Up Statutory Demand and Service Restructuring / Scheme of Arrangement Security for Costs Adjournment Applications

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Parties

Unnamed Petitioner (creditor)

Petitioner

Golden Dragon Land Development Limited

Company (respondent)

Soundwill Finance Limited

Opposing Creditor (intra Group Unsecured Creditor)

Official Receiver

Official Receiver

Procedural Posture

Creditors' Petition for Winding Up (companies Ordinance Cap.32) / Hearing — Winding Up Order Made

Legal Issues

  1. 1 Whether the statutory demand was validly served despite a subsequent change of registered office
  2. 2 Whether there was a bona fide and viable restructuring proposal justifying adjournment
  3. 3 Whether the Company was unable to pay its debts such that a winding up order should be made

Ratio Decidendi

Service of the statutory demand was valid because it was served at the registered office as shown in the Companies Registry; the Company was unable to pay its debts and produced no credible evidence of a viable restructuring with adequate creditor support; therefore there was no justification to adjourn and a winding up order under the Companies Ordinance was appropriate.

Court Disposition

Winding up order made against Golden Dragon Land Development Limited pursuant to Companies Ordinance Cap.32

Orders

  • Application for adjournment refused
  • Company to be wound up by the Court