RE PHANTOM RECORDS LTD

Given the benefits to the creditors from prompt recovery, absence of evidence of misconduct, the intended taxation/scrutiny of fees and the disproportionate cost of case-by-case inquiry, the court will exercise its power under section 200(3) to retrospectively authorise the Panel B appointments and permit payment of agents' fees out of company assets subject to taxation and limits set by the Panel B arrangements.

Citation: RE PHANTOM RECORDS LTD
Parties: Applicant (official Receiver/liquidator): Official Receiver; Company in Liquidation (respondent): Newsweb International Limited; Company in Liquidation (respondent): China Arts and Crafts Printing Limited; Company in Liquidation (respondent): Philma Petroleum Limited; Company in Liquidation (respondent): Rich Glory Shipping Limited; Company in Liquidation (respondent): Gearland Company Limited; Company in Liquidation (respondent): Pan-Win Realty Agency Limited; Company in Liquidation (respondent): Pan-Pacific Exhibition Contractors Limited; Company in Liquidation (respondent): Best Gain Engineering Limited; Company in Liquidation (respondent): T.D.A. Company Limited; Company in Liquidation (respondent): Mondial Atelier Garment (Hong Kong) Limited; Company in Liquidation (respondent): On Tai Garment Factory Limited; Company in Liquidation (respondent): Union Rise Development Limited; Company in Liquidation (respondent): Bokey (P & S) Trading Company Limited; Company in Liquidation (respondent): Winston Camera & Radio Company Limited; Company in Liquidation (respondent): Phantom Records Limited; Company in Liquidation (respondent): Frontmax Limited; Company in Liquidation (respondent): Bilison (Asia) Limited; Company in Liquidation (respondent): Construction & Production Systems Limited; Company in Liquidation (respondent): Sun Wing Lee Hing Chan Co Limited
Court: Court of First Instance
Jurisdiction: Hong Kong
Judgment Date: 20 April 2007
Case Number: HCCW591/1999
Procedural Posture: Companies Winding Up Proceedings / Application for Retrospective Ratification and Resumed Taxation Hearing — Decision
Outcome: Application granted
Legal Topics: Appointment of Agents, Ratification, Delegation of Duties, Liquidator Remuneration, Taxation of Costs, Section 200(3), Section 199(2)(g), Summary Liquidation, Panel B Scheme
Source Language: EN

Company Law Insolvency Equity Civil Procedure Appointment of Agents Ratification Delegation of Duties Liquidator Remuneration +5 more

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