RE POLY CHOICE LTD

RE POLY CHOICE LTD

Because the petitioner held judgment debts and assigned security, had served demand, and the companies confirmed they would not oppose the petitions, the court was entitled to and did make winding-up orders against each company.

Citation
RE POLY CHOICE 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
HCCW772/2004
Procedural Posture
Companies (winding Up) Petition / Hearing and Judgment; Winding Up Orders Made on 13 September 2004
Outcome
Winding-up orders made against Advance Glory Development Limited, Lipton Development Limited and Poly Choice Limited.
Legal Topics
Winding Up, Legal Charges, Assignment of Debt, Judgment Debt, Costs
Source Language
EN
Company Law Insolvency Security Interests Assignment of Debt Judgment Enforcement Winding Up Legal Charges Judgment Debt +1 more

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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) Petition / Hearing and Judgment; Winding Up Orders Made on 13 September 2004

Legal Issues

  1. 1 Whether the petitioner was entitled to present winding-up petitions against the companies
  2. 2 Whether the companies were unable to pay their debts and thus liable to be wound up
  3. 3 Whether petitioner's costs should be paid out of the companies' assets

Ratio Decidendi

Because the petitioner held judgment debts and assigned security, had served demand, and the companies confirmed they would not oppose the petitions, the court was entitled to and did make winding-up orders against each company.

Court Disposition

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

Orders

  • Each company is ordered to be wound up.
  • The petitioner's costs in each of the proceedings are to be paid out of the assets of the company concerned.