RE PEGASUS (CHINA) LTD.

RE PEGASUS (CHINA) LTD.

The court found sufficient evidence of solvency on the material before it and therefore granted validation under s.182; the court refused the injunction because it was inappropriate at the interim stage to restrain advertising where the petition sought winding-up and the petitioner had not been shown to have abused the process.

Citation
RE PEGASUS (CHINA) LTD.
Parties
Petitioner: Unnamed Petitioner; Company (applicant): Pegasus (China) Limited; Interested Party: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
22 November 1999
Case Number
HCCW847/1999
Procedural Posture
Companies (winding Up) Proceedings / Interim Application (validation Under S.182 and Injunction Restraining Advertisement); Chambers Hearing 22 November 1999
Outcome
Validation order granted; injunction to restrain advertising of the petition refused.
Legal Topics
Validation Under S.182, Winding Up Petition, Injunction Against Advertisement of Petition, S.168 a Orders, Solvency Assessment
Source Language
EN
Company Law Insolvency Law Civil Procedure Validation Under S.182 Winding Up Petition Injunction Against Advertisement of Petition S.168 a Orders Solvency Assessment

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Parties

Unnamed Petitioner

Petitioner

Pegasus (China) Limited

Company (applicant)

Official Receiver

Interested Party

Procedural Posture

Companies (winding Up) Proceedings / Interim Application (validation Under S.182 and Injunction Restraining Advertisement); Chambers Hearing 22 November 1999

Legal Issues

  1. 1 Whether to grant a validation order under Companies Ordinance s.182
  2. 2 Whether to grant an injunction restraining advertisement of the winding-up petition pending the hearing
  3. 3 Whether the company is solvent based on accounts and bank balance

Ratio Decidendi

The court found sufficient evidence of solvency on the material before it and therefore granted validation under s.182; the court refused the injunction because it was inappropriate at the interim stage to restrain advertising where the petition sought winding-up and the petitioner had not been shown to have abused the process.

Court Disposition

Validation order granted; injunction to restrain advertising of the petition refused.

Orders

  • Validation order granted in terms of paragraph 1 of the summons under Companies Ordinance s.182
  • Application for an injunction to restrain advertising of the petition until 8 December 1999 refused