RE UNIVERSAL DOCKYARD LTD

RE UNIVERSAL DOCKYARD LTD

The court held that rents and mesne profits which accrued due after the Scheme's Effective Date are not included among claims affected by the Scheme; the Scheme was construed in its commercial and factual matrix to draw a line at the Effective Date, so the Scheme did not bar Fonfair's enforcement of rent and...

Source-derived case information.

Citation
RE UNIVERSAL DOCKYARD LTD
Parties
Petitioner: Fonfair Company Limited; Company/respondent: Universal Dockyard Limited; Official Receiver: The Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 June 2003
Case Number
HCCW663/2002
Procedural Posture
Companies (winding Up) Petition / Final Judgment — Winding Up Order (hearing 4 Mar 2003; Judgment 9 Jun 2003)
Outcome
Winding-up order made against Universal Dockyard Limited
Legal Topics
Scheme of Arrangement, Moratorium on Claims, Future and Contingent Claims, Res Judicata, Winding Up Petition, Rent/mesne Profits
Source Language
en
Company Law Insolvency Law Contract Law Property/landlord and Tenant Law Scheme of Arrangement Moratorium on Claims Future and Contingent Claims Res Judicata +2 more

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Summary, issues, holding and outcome

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Parties

Fonfair Company Limited

Petitioner

Universal Dockyard Limited

Company/respondent

The Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Petition / Final Judgment — Winding Up Order (hearing 4 Mar 2003; Judgment 9 Jun 2003)

Legal Issues

  1. 1 Whether a court-sanctioned scheme of arrangement bars enforcement of claims for future rent accruing after the scheme's Effective Date
  2. 2 Whether future or contingent rents under an existing lease are provable and caught by the Scheme
  3. 3 Whether Dockyard is estopped by res judicata from raising the Scheme defence in the winding-up petition

Ratio Decidendi

The court held that rents and mesne profits which accrued due after the Scheme's Effective Date are not included among claims affected by the Scheme; the Scheme was construed in its commercial and factual matrix to draw a line at the Effective Date, so the Scheme did not bar Fonfair's enforcement of rent and possession claims, and a winding-up order against Universal Dockyard Limited was made with costs payable out of Dockyard's assets.

Court Disposition

Winding-up order made against Universal Dockyard Limited

Orders

  • Order to wind up Universal Dockyard Limited
  • Petitioner's (Fonfair) costs to be paid out of the assets of Universal Dockyard Limited