RE MF GLOBAL HONG KONG LTD

RE MF GLOBAL HONG KONG LTD

Where a petition cannot reasonably be filed at the Registry before an application for provisional liquidators due to urgency, the court may treat presentation of the petition to the judge hearing the application, coupled with an undertaking to file at the Registry as soon as it opens, as satisfying s193(1); if it is reasonably possible to file first, rule 23 must be complied with.

Citation
RE MF GLOBAL HONG KONG LTD
Parties
Petitioner: MF Global Hong Kong Limited; Petitioner: MF Global Holdings HK Limited; Respondent: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 November 2011
Case Number
HCCW356/2011
Procedural Posture
Companies (winding Up) / Appointment and Confirmation of Provisional Liquidators; Inter Partes Summons Hearing
Outcome
Provisional liquidators appointed on 2 November 2011 and appointment confirmed until further order on 9 November 2011; court held the presentation-to-judge approach acceptable in urgent cases with undertaking to file.
Legal Topics
Provisional Liquidation, Presentation of Petition, Companies Ordinance S193, Companies (winding Up) Rules R23
Source Language
EN
Company Law Insolvency Law Civil Procedure Provisional Liquidation Presentation of Petition Companies Ordinance S193 Companies (winding Up) Rules R23

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Parties

MF Global Hong Kong Limited

Petitioner

MF Global Holdings HK Limited

Petitioner

Official Receiver

Respondent

Procedural Posture

Companies (winding Up) / Appointment and Confirmation of Provisional Liquidators; Inter Partes Summons Hearing

Legal Issues

  1. 1 Whether a court may appoint provisional liquidators before a winding-up petition has been filed at the Registry
  2. 2 Whether presentation of a petition to the judge hearing the application, with an undertaking to file at the Registry when open, satisfies s193(1) of the Companies Ordinance
  3. 3 Whether urgency can justify non-compliance with Companies (Winding-up) Rules r23

Ratio Decidendi

Where a petition cannot reasonably be filed at the Registry before an application for provisional liquidators due to urgency, the court may treat presentation of the petition to the judge hearing the application, coupled with an undertaking to file at the Registry as soon as it opens, as satisfying s193(1); if it is reasonably possible to file first, rule 23 must be complied with.

Court Disposition

Provisional liquidators appointed on 2 November 2011 and appointment confirmed until further order on 9 November 2011; court held the presentation-to-judge approach acceptable in urgent cases with undertaking to file.

Orders

  • Provisional liquidators appointed over MF Global Holdings HK Limited and MF Global Hong Kong Limited on 2 November 2011
  • Appointment of provisional liquidators confirmed on 9 November 2011 until further order