RE GRANDE HOLDINGS LTD

RE GRANDE HOLDINGS LTD

Sino Bright and Gain Alpha were ordered jointly and severally to pay the costs of the summonses dated 26 August 2013 and the costs of the amended petition incurred by the petitioners and provisional liquidators on and after 27 August 2013 (including the costs attributable to the 7th affirmation of Fok Hei Yu); costs of the various unopposed adjournments prior to substitution are to be paid out of the company’s assets as expenses of the liquidation.

Citation
RE GRANDE HOLDINGS LTD
Parties
Company Being Wound Up: The Grande Holdings Limited; Petitioners (substituted): Kayne Creditors; Original Petitioner and Opposing Party: Sino Bright Enterprises Company Limited; Respondent / Opposing Creditor: Gain Alpha Finance Limited; Provisional Liquidators: Provisional Liquidators
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 October 2013
Case Number
HCCW177/2011
Procedural Posture
Companies Winding Up (petition Under Companies Ordinance Chapter 32) / Post Judgment Costs Determination Following Winding Up Order Dated 12 September 2013
Outcome
Costs ordered against Sino Bright and Gain Alpha; certain adjournment costs to be paid from company assets.
Legal Topics
Winding Up, Costs, Substitution of Petitioner, Adjournments, Provisional Liquidators
Source Language
EN
Company Law Insolvency Civil Procedure Costs Winding Up Substitution of Petitioner Adjournments Provisional Liquidators

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Parties

The Grande Holdings Limited

Company Being Wound Up

Kayne Creditors

Petitioners (substituted)

Sino Bright Enterprises Company Limited

Original Petitioner and Opposing Party

Gain Alpha Finance Limited

Respondent / Opposing Creditor

Provisional Liquidators

Provisional Liquidators

Procedural Posture

Companies Winding Up (petition Under Companies Ordinance Chapter 32) / Post Judgment Costs Determination Following Winding Up Order Dated 12 September 2013

Legal Issues

  1. 1 Who should bear the costs of late summonses challenging petitioners' locus
  2. 2 Liability for costs of the amended petition incurred after 27 August 2013
  3. 3 Whether costs of prior unopposed adjournments should be paid out of company assets as liquidation expenses

Ratio Decidendi

Sino Bright and Gain Alpha were ordered jointly and severally to pay the costs of the summonses dated 26 August 2013 and the costs of the amended petition incurred by the petitioners and provisional liquidators on and after 27 August 2013 (including the costs attributable to the 7th affirmation of Fok Hei Yu); costs of the various unopposed adjournments prior to substitution are to be paid out of the company’s assets as expenses of the liquidation.

Court Disposition

Costs ordered against Sino Bright and Gain Alpha; certain adjournment costs to be paid from company assets.

Orders

  • Sino Bright Enterprises Company Limited and Gain Alpha Finance Limited jointly and severally to pay the costs of the summonses dated 26 August 2013 (filed 27 August 2013) and the costs of the amended petition incurred by the petitioners and the provisional liquidators on and after 27 August 2013, including costs...
  • Costs incurred by the petitioners and the provisional liquidators in respect of the various unopposed adjournments prior to the substitution application (including the directions hearing of 29 April 2013) to be paid out of the assets of the company as an expense of the liquidation.