RE MF GLOBAL HOLDINGS HK LTD

RE MF GLOBAL HOLDINGS HK LTD

Where it is reasonably possible to file a winding‑up petition at the Registry before applying for provisional liquidators rule 23 should be complied with; but if filing before the application is not possible and the case is sufficiently urgent the court may treat presentation of the petition to the judge hearing the...

Source-derived case information.

Citation
RE MF GLOBAL HOLDINGS HK 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
HCCW357/2011
Procedural Posture
Companies (winding‑up) Nos. 356/2011 and 357/2011 / Appointment of Provisional Liquidators; Hearing of Inter Partes Summons
Outcome
Provisional liquidators appointed and appointment confirmed until further order; court approved the approach of treating presentation to the judge with undertaking to file at the Registry as satisfying s.193(1) in urgent cases where filing beforehand is not possible.
Legal Topics
Provisional Liquidation, Presentation of Petition, Urgency Exceptions to Procedural Rules, Court's Power to Waive Formalities
Source Language
en
Company Law Insolvency Civil Procedure Provisional Liquidation Presentation of Petition Urgency Exceptions to Procedural Rules Court's Power to Waive Formalities

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Summary, issues, holding and outcome

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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) Nos. 356/2011 and 357/2011 / Appointment of Provisional Liquidators; Hearing of Inter Partes Summons

Legal Issues

  1. 1 Whether a winding‑up petition must be filed at the High Court Registry under r.23 before the court may appoint provisional liquidators under s.193(1)
  2. 2 Whether the court may treat presentation of a petition to the judge hearing the application, with an undertaking to file at the Registry when open, as satisfying s.193(1) in urgent cases
  3. 3 Extent of the Rules' flexibility under r.1(1) and r.209(1)

Ratio Decidendi

Where it is reasonably possible to file a winding‑up petition at the Registry before applying for provisional liquidators rule 23 should be complied with; but if filing before the application is not possible and the case is sufficiently urgent the court may treat presentation of the petition to the judge hearing the application, together with an undertaking to file it at the Registry as soon as practicable, as satisfying s.193(1) of the Companies Ordinance.

Court Disposition

Provisional liquidators appointed and appointment confirmed until further order; court approved the approach of treating presentation to the judge with undertaking to file at the Registry as satisfying s.193(1) in urgent cases where filing beforehand is not possible.

Orders

  • Provisional liquidators appointed over MF Global Holdings HK Limited and MF Global Hong Kong Limited
  • The provisional liquidators appointment confirmed until further order