Re Au Kiang International Co. Ltd.

Re Au Kiang International Co. Ltd.

The court found, on incontrovertible bank transfer records and written acknowledgements by the company, that the US$3,000,000 loan and accrued interest remained due and unpaid and that the company's unsubstantiated allegation of set-off failed; accordingly a compulsory winding up order under s.177(1)(d) was justified.

Citation
Re Au Kiang International Co. Ltd.
Parties
Petitioner: Guangdong International Trust & Investment Corporation Hong Kong (Holdings) Limited (GITIC); Company (debtor): Au Kiang International Company Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
7 January 2000
Case Number
HCCW635/1999
Procedural Posture
Companies Winding Up (creditor's Petition) / Judgment (decision on Petition)
Outcome
Petition granted; compulsory winding up order made against Au Kiang International Company Limited.
Legal Topics
Winding Up, Statutory Demand, Loan Agreement, Acknowledgement of Debt, Set Off
Source Language
EN
Company Law Insolvency Contract Law Winding Up Statutory Demand Loan Agreement Acknowledgement of Debt Set Off

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Parties

Guangdong International Trust & Investment Corporation Hong Kong (Holdings) Limited (GITIC)

Petitioner

Au Kiang International Company Limited

Company (debtor)

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up (creditor's Petition) / Judgment (decision on Petition)

Legal Issues

  1. 1 Whether a debt was due and owing to the petitioner such as to support a creditors' winding up petition
  2. 2 Whether the company validly repaid the debt or made admissions discharging the debt
  3. 3 Whether the company's allegation of set-off was substantiated and capable of defeating the petition

Ratio Decidendi

The court found, on incontrovertible bank transfer records and written acknowledgements by the company, that the US$3,000,000 loan and accrued interest remained due and unpaid and that the company's unsubstantiated allegation of set-off failed; accordingly a compulsory winding up order under s.177(1)(d) was justified.

Court Disposition

Petition granted; compulsory winding up order made against Au Kiang International Company Limited.

Orders

  • Make a compulsory winding up order against Au Kiang International Company Limited.
  • Costs of the petitioner to be a liquidation expense.