Re Fook Tai Credits Ltd.

Re Fook Tai Credits Ltd.

The appeal had little prospect of success when assessed by reference to the material before the court at the time of the winding-up order, and established practice disfavors staying winding-up orders; therefore the court refused to exercise its discretion to grant a stay.

Citation
Re Fook Tai Credits Ltd.
Parties
Company/applicant: Fook Tai Credits Limited (formerly Man Sun Finance (Hong Kong) Limited); Petitioner: William Graham; Director/applicant: Mr Foo; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
1 February 2000
Case Number
HCCW932/1999
Procedural Posture
Companies Winding Up Proceedings / Application for Stay of Winding Up Order and Leave to Appeal (inter Partes Summons) After Winding Up Order Made
Outcome
Application for stay refused
Legal Topics
Winding Up, Stay of Execution, Appeal, Official Receiver, Costs
Source Language
EN
Company Law Civil Procedure Winding Up Stay of Execution Appeal Official Receiver Costs

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Parties

Fook Tai Credits Limited (formerly Man Sun Finance (Hong Kong) Limited)

Company/applicant

William Graham

Petitioner

Mr Foo

Director/applicant

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Proceedings / Application for Stay of Winding Up Order and Leave to Appeal (inter Partes Summons) After Winding Up Order Made

Legal Issues

  1. 1 Whether the court should grant a stay of the winding-up order pending appeal
  2. 2 Whether post-order evidence can be considered for stay applications
  3. 3 Whether the Company requires leave under section 186 to appeal

Ratio Decidendi

The appeal had little prospect of success when assessed by reference to the material before the court at the time of the winding-up order, and established practice disfavors staying winding-up orders; therefore the court refused to exercise its discretion to grant a stay.

Court Disposition

Application for stay refused

Orders

  • Application for stay of the winding-up order refused
  • Costs to follow the event; Mr Foo agreeable to pay costs of the unsuccessful application