RE LIPTON DEVELOPMENT LTD

RE LIPTON DEVELOPMENT LTD

A winding-up order was appropriate because the petitioner demonstrated enforceable judgment debts and assignments, served demand, and the companies did not oppose the petitions; accordingly the court exercised its discretion to wind up each company and order costs to be paid from company assets.

Citation
RE LIPTON DEVELOPMENT LTD
Parties
Petitioner: Umbrella Finance Company Limited; Respondent: Advance Glory Development Limited; Respondent: Lipton Development Limited; Respondent: Poly Choice Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 September 2004
Case Number
HCCW771/2004
Procedural Posture
Companies (winding Up) / Petitions Heard; Winding Up Orders Made
Outcome
Winding-up orders made against Advance Glory Development Limited, Lipton Development Limited and Poly Choice Limited
Legal Topics
Winding Up Petitions, Charges/security Over Property, Assignment of Debts, Judgment Debt
Source Language
EN
Company Law Insolvency Law Debt Recovery Winding Up Petitions Charges/security Over Property Assignment of Debts Judgment Debt

Case Brief

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Parties

Umbrella Finance Company Limited

Petitioner

Advance Glory Development Limited

Respondent

Lipton Development Limited

Respondent

Poly Choice Limited

Respondent

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) / Petitions Heard; Winding Up Orders Made

Legal Issues

  1. 1 Whether creditor entitled to present winding-up petitions based on judgment debts and secured charges
  2. 2 Whether assignment of legal charges and judgment debts transferred enforceable rights to petitioner
  3. 3 Whether demand and non-payment established company inability to pay debts and justified winding-up

Ratio Decidendi

A winding-up order was appropriate because the petitioner demonstrated enforceable judgment debts and assignments, served demand, and the companies did not oppose the petitions; accordingly the court exercised its discretion to wind up each company and order costs to be paid from company assets.

Court Disposition

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

Orders

  • Each of the Companies is to be wound up pursuant to the Companies Ordinance
  • The petitioner’s costs in each proceeding are to be paid out of the assets of the company concerned