RE EVER FIRST (ASIA) LTD.

RE EVER FIRST (ASIA) LTD.

Because the judgment debt was unpaid, uncontested and unsuperseded by appeal or stay, and because the company's proposed repayment plan was commercially unrealistic with no evidence of assets or receivables, the company was hopelessly insolvent and the court must make the usual winding-up order.

Citation
RE EVER FIRST (ASIA) LTD.
Parties
Petitioner: Petitioner (bank); Company (respondent): Ever First (Asia) Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
3 July 2001
Case Number
HCCW408/2001
Procedural Posture
Companies Winding Up Petition Under Companies Ordinance (cap.32) / Hearing on Winding Up Petition; Judgment and Order Made
Outcome
Winding up order made against Ever First (Asia) Limited
Legal Topics
Winding Up, Statutory Demand, Judgment Debt, Court Discretion in Winding Up Petitions
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Statutory Demand Judgment Debt Court Discretion in Winding Up Petitions

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Parties

Petitioner (bank)

Petitioner

Ever First (Asia) Limited

Company (respondent)

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Petition Under Companies Ordinance (cap.32) / Hearing on Winding Up Petition; Judgment and Order Made

Legal Issues

  1. 1 Whether the company is insolvent and liable to be wound up based on an unpaid judgment debt
  2. 2 Whether there exist grounds to exercise the court's discretion to refuse a winding-up order despite the judgment debt and statutory demand
  3. 3 Whether the company's proposed repayment plan is commercially realistic and sufficient to avoid winding up

Ratio Decidendi

Because the judgment debt was unpaid, uncontested and unsuperseded by appeal or stay, and because the company's proposed repayment plan was commercially unrealistic with no evidence of assets or receivables, the company was hopelessly insolvent and the court must make the usual winding-up order.

Court Disposition

Winding up order made against Ever First (Asia) Limited

Orders

  • Make the usual winding up order against Ever First (Asia) Limited