RE SUNFILL LTD

RE SUNFILL LTD

Given that the sole creditor and shareholder supported the conversion, a resolution was duly passed on 14 June 2016 and the application was made within the statutory three month period, the company's assets are valuable and there is no need for further investigation or allegation of misconduct, the court exercised...

Source-derived case information.

Citation
RE SUNFILL LTD
Parties
Company: Sunfill Limited; Applicants: The Liquidators of Sunfill Limited; Creditor and Sole Shareholder: Cultural Resources; Respondent: The Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
2 September 2016
Case Number
HCCW282/2013
Procedural Posture
Companies (winding Up) Proceedings / Application Under Section 209 a to Convert Compulsory Winding Up to a Creditors' Voluntary Winding Up; Decision at First Instance
Outcome
Application granted. Compulsory winding up to be conducted as if it were a creditors' voluntary winding up; existing Liquidators to continue to act; no extension of time ordered.
Legal Topics
Conversion to Creditors' Voluntary Winding Up, Appointment and Continuation of Liquidators, Statutory Time Limit for S209 a Applications, Realisation and Distribution of Company Assets
Source Language
en
Company Law Insolvency Law Civil Procedure Conversion to Creditors' Voluntary Winding Up Appointment and Continuation of Liquidators Statutory Time Limit for S209 a Applications Realisation and Distribution of Company Assets

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Parties

Sunfill Limited

Company

The Liquidators of Sunfill Limited

Applicants

Cultural Resources

Creditor and Sole Shareholder

The Official Receiver

Respondent

Procedural Posture

Companies (winding Up) Proceedings / Application Under Section 209 a to Convert Compulsory Winding Up to a Creditors' Voluntary Winding Up; Decision at First Instance

Legal Issues

  1. 1 Whether the court should order that a compulsory winding up be conducted as if it were a creditors' voluntary winding up under s209A
  2. 2 Whether the s209A(1) three month time limit required extension
  3. 3 Whether existing liquidators should continue to act

Ratio Decidendi

Given that the sole creditor and shareholder supported the conversion, a resolution was duly passed on 14 June 2016 and the application was made within the statutory three month period, the company's assets are valuable and there is no need for further investigation or allegation of misconduct, the court exercised its discretion under s209A to order conversion and ordered the existing Liquidators to continue to act; no extension of time was required.

Court Disposition

Application granted. Compulsory winding up to be conducted as if it were a creditors' voluntary winding up; existing Liquidators to continue to act; no extension of time ordered.

Orders

  • Order that the compulsory winding up of Sunfill Limited be conducted as if it were a creditors' voluntary winding up.
  • Order that the existing Liquidators continue to act as liquidators of Sunfill Limited.