RE GRANDACCUM LTD

RE GRANDACCUM LTD

The court found on the evidence that the Company received the loan proceeds and made a partial repayment as recorded in the Petitioner's ledgers, that the Company's request for extensions undermined any assertion of a sham, and that the Company produced no cogent evidence to show the loan agreements were shams or...

Source-derived case information.

Citation
[2025] HKCFI 5482
Parties
Petitioner (registered Money Lender): The Petitioner; Company / Respondent: Grandaccum Limited (香港泰之乾貿易有限公司); Joint and Several Liquidators of the Petitioner: Madam So Kit Yee Anita and Madam Lau Wun Man
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
17 October 2025
Case Number
HCCW694/2024
Procedural Posture
Winding Up Petition Under the Companies (winding Up and Miscellaneous Provisions) Ordinance (cap 32) / Hearing on Petition and Judgment (winding Up Order Made)
Outcome
Winding-up order made against Grandaccum Limited; costs to the Petitioner, to be taxed if not agreed.
Legal Topics
Winding Up, Statutory Demand, Sham Transaction, Debt Recovery, Loan Agreements, Share Charge
Source Language
en
Company Law Insolvency Law Contract Law Winding Up Statutory Demand Sham Transaction Debt Recovery Loan Agreements +1 more

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Parties

The Petitioner

Petitioner (registered Money Lender)

Grandaccum Limited (香港泰之乾貿易有限公司)

Company / Respondent

Madam So Kit Yee Anita and Madam Lau Wun Man

Joint and Several Liquidators of the Petitioner

Procedural Posture

Winding Up Petition Under the Companies (winding Up and Miscellaneous Provisions) Ordinance (cap 32) / Hearing on Petition and Judgment (winding Up Order Made)

Legal Issues

  1. 1 Whether the company received the alleged loans
  2. 2 Whether the company made any repayments
  3. 3 Whether the loan agreements were shams

Ratio Decidendi

The court found on the evidence that the Company received the loan proceeds and made a partial repayment as recorded in the Petitioner's ledgers, that the Company's request for extensions undermined any assertion of a sham, and that the Company produced no cogent evidence to show the loan agreements were shams or that there was a bona fide dispute on substantial grounds; accordingly the winding-up order was made.

Court Disposition

Winding-up order made against Grandaccum Limited; costs to the Petitioner, to be taxed if not agreed.

Orders

  • Make a winding-up order against Grandaccum Limited
  • Costs ordered in favour of the Petitioner, to be taxed if not agreed