RE JUMBO FORTUNE (HONG KONG) LTD

Because the company had admitted the debt, a formal demand was made, the company defaulted on an agreed instalment and did not appear to contest the petition, the court was satisfied the company could not meet its debts and ordered it to be wound up.

Source-derived case information.

Citation: RE JUMBO FORTUNE (HONG KONG) LTD
Parties: Petitioner (creditor): Man Financial Limited; Respondent (company): Jumbo Fortune (Hong Kong) Limited; Interested Party: Official Receiver
Court: Court of First Instance
Jurisdiction: Hong Kong
Judgment Date: 19 June 2006
Case Number: HCCW143/2006
Procedural Posture: Winding Up Petition / Judgment
Outcome: Winding-up order made against Jumbo Fortune (Hong Kong) Limited
Legal Topics: Winding Up, Debt Recovery, Breach of Payment Agreement
Source Language: en

Insolvency Company Law Civil Procedure Winding Up Debt Recovery Breach of Payment Agreement

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Parties

Man Financial Limited

Petitioner (creditor)

Jumbo Fortune (Hong Kong) Limited

Respondent (company)

Official Receiver

Interested Party

Procedural Posture

Winding Up Petition / Judgment

Legal Issues

1 Whether a winding-up order should be made for unpaid debt
2 Whether the company's failure to pay the agreed instalment justified the winding-up order
3 Service of demand and non-appearance of the company

Ratio Decidendi

Court Disposition

Winding-up order made against Jumbo Fortune (Hong Kong) Limited

Orders

Order to wind up Jumbo Fortune (Hong Kong) Limited in the terms of the draft order submitted to the court.

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