RE GREATER BEIJING FIRST EXPRESSWAYS LTD.

RE GREATER BEIJING FIRST EXPRESSWAYS LTD.

The court refused the adjournment and made a winding up order because the petitioner's debt was undisputed, the company was insolvent on cashflow and balance sheet, the refinancing proposal was late, contingent and unsupported by undertakings, the petitioner held a blocking vote making restructuring unrealistic, and the BVI/New York law and locus arguments were irrelevant or raised only as dilatory tactics.

Citation
RE GREATER BEIJING FIRST EXPRESSWAYS LTD.
Parties
Petitioner: Chase Manhattan Bank (trustee for Noteholders); Company/respondent: Greater Beijing First Expressways Limited (Provisional Liquidators Appointed); Directors: Directors of Greater Beijing First Expressways Limited; Joint & Several Liquidators: Joint & Several Liquidators; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
12 June 2000
Case Number
HCCW338/2000
Procedural Posture
Companies Winding Up / Winding Up Order Made (court of First Instance on 12 June 2000)
Outcome
Winding up order made against Greater Beijing First Expressways Limited
Legal Topics
Winding Up, Adjournment, Parallel/foreign Proceedings, Refinancing/rehabilitation, Provisional Liquidators, Locus Standi
Source Language
EN
Company Law Insolvency Private International Law Civil Procedure Winding Up Adjournment Parallel/foreign Proceedings Refinancing/rehabilitation +2 more

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Parties

Chase Manhattan Bank (trustee for Noteholders)

Petitioner

Greater Beijing First Expressways Limited (Provisional Liquidators Appointed)

Company/respondent

Directors of Greater Beijing First Expressways Limited

Directors

Joint & Several Liquidators

Joint & Several Liquidators

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up / Winding Up Order Made (court of First Instance on 12 June 2000)

Legal Issues

  1. 1 Whether to grant an adjournment to permit refinancing negotiations
  2. 2 Whether Hong Kong court should defer to parallel BVI winding up proceedings
  3. 3 Whether petitioner has locus under governing Indenture and relevance of New York law

Ratio Decidendi

The court refused the adjournment and made a winding up order because the petitioner's debt was undisputed, the company was insolvent on cashflow and balance sheet, the refinancing proposal was late, contingent and unsupported by undertakings, the petitioner held a blocking vote making restructuring unrealistic, and the BVI/New York law and locus arguments were irrelevant or raised only as dilatory tactics.

Court Disposition

Winding up order made against Greater Beijing First Expressways Limited

Orders

  • Winding up order made against Greater Beijing First Expressways Limited