Re Sheen Benefit International Ltd.

Re Sheen Benefit International Ltd.

Because no restructuring plan or supporting evidence from creditors was before the court, the company did not instruct solicitors and ceased trading, the court refused any adjournment and ordered a compulsory winding-up of the Company.

Source-derived case information.

Citation
Re Sheen Benefit International Ltd.
Parties
Petitioner: The Hong Kong and Shanghai Banking Corporation; Respondent (company): Sheen Benefit International Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
15 November 1999
Case Number
HCCW665/1999
Procedural Posture
Companies (winding Up) Petition Under Companies Ordinance, Cap.32 / Hearing and Judgment (court of First Instance)
Outcome
Compulsory winding-up order granted
Legal Topics
Winding Up, Adjournment, Restructuring, Creditor Rights
Source Language
en
Company Law Insolvency Banking Winding Up Adjournment Restructuring Creditor Rights

Source-derived case record

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Parties

The Hong Kong and Shanghai Banking Corporation

Petitioner

Sheen Benefit International Limited

Respondent (company)

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Petition Under Companies Ordinance, Cap.32 / Hearing and Judgment (court of First Instance)

Legal Issues

  1. 1 Whether to grant an adjournment to permit a proposed restructuring/rescue plan
  2. 2 Whether there is sufficient evidence of a bona fide and viable restructuring proposal supported by creditors
  3. 3 Whether compulsory winding-up should be ordered in absence of an acceptable rescue plan and supporting evidence

Ratio Decidendi

Because no restructuring plan or supporting evidence from creditors was before the court, the company did not instruct solicitors and ceased trading, the court refused any adjournment and ordered a compulsory winding-up of the Company.

Court Disposition

Compulsory winding-up order granted

Orders

  • Sheen Benefit International Limited be wound up compulsorily