RE CELEASIA CO LTD

RE CELEASIA CO LTD

Because the company had been reinstated, the petitioner proved an undisputed debt of HK$4,419,843.25 secured by mortgage with demand served and no defence was advanced, the court was entitled to make a winding-up order and direct that the petitioner's costs be paid out of the company's assets.

Citation
RE CELEASIA CO LTD
Parties
Petitioner: Bank of China (Hong Kong) Limited (successor to Sin Hua Bank Limited); Respondent (company): Celeasia Company Limited; Interested Party: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
12 September 2005
Case Number
HCCW475/2005
Procedural Posture
Companies (winding Up) No. 475 of 2005 / Judgment Following Hearing on Winding Up Petition After Company Reinstatement
Outcome
Winding-up order made against Celeasia Company Limited.
Legal Topics
Winding Up, Reinstatement of Dissolved Company, Mortgage/charge Enforcement, Debt Recovery
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Reinstatement of Dissolved Company Mortgage/charge Enforcement Debt Recovery

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Parties

Bank of China (Hong Kong) Limited (successor to Sin Hua Bank Limited)

Petitioner

Celeasia Company Limited

Respondent (company)

Official Receiver

Interested Party

Procedural Posture

Companies (winding Up) No. 475 of 2005 / Judgment Following Hearing on Winding Up Petition After Company Reinstatement

Legal Issues

  1. 1 Whether a reinstated company can be wound up on an undisputed debt secured by mortgage
  2. 2 Whether the petitioner established the debt and entitlement to a winding-up order
  3. 3 Whether petitioner's costs should be paid out of company assets

Ratio Decidendi

Because the company had been reinstated, the petitioner proved an undisputed debt of HK$4,419,843.25 secured by mortgage with demand served and no defence was advanced, the court was entitled to make a winding-up order and direct that the petitioner's costs be paid out of the company's assets.

Court Disposition

Winding-up order made against Celeasia Company Limited.

Orders

  • Company to be wound up by the Court.
  • Petitioner's costs to be paid out of the company's assets.