HONG KONG HOUSING SOCIETY v. BANK OF CHINA GROUP INSURANCE CO. LTD.

HONG KONG HOUSING SOCIETY v. BANK OF CHINA GROUP INSURANCE CO. LTD.

The winding-up order was made because the company failed to prove that the proposed sale would produce realizable funds to satisfy the judgment debt, given the absence of evidence that multiple required administrative approvals would be granted, and therefore the company could not demonstrate its ability to pay the debt.

Citation
HONG KONG HOUSING SOCIETY v. BANK OF CHINA GROUP INSURANCE CO. LTD.
Parties
Petitioner/creditor: Petitioner; Company (debtor): China Treasure Enterprise Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
6 November 2000
Case Number
HCCW707/2000
Procedural Posture
Companies Winding Up (companies Ordinance) / Application for Winding Up Order; Hearing on Petition
Outcome
Winding-up order made
Legal Topics
Winding Up, Judgment Debt, Cross Border Asset Transfer, Administrative Approvals for Asset Transfer
Source Language
EN
Companies Law Insolvency Civil Procedure Winding Up Judgment Debt Cross Border Asset Transfer Administrative Approvals for Asset Transfer

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Parties

Petitioner

Petitioner/creditor

China Treasure Enterprise Limited

Company (debtor)

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up (companies Ordinance) / Application for Winding Up Order; Hearing on Petition

Legal Issues

  1. 1 Whether a winding-up order should be made on the basis of a judgment debt
  2. 2 Whether the proposed sale of a cross-border vehicle and licence would generate funds to satisfy the judgment debt
  3. 3 Whether the company has discharged the burden of proving that required administrative approvals will be obtained to effect the sale

Ratio Decidendi

The winding-up order was made because the company failed to prove that the proposed sale would produce realizable funds to satisfy the judgment debt, given the absence of evidence that multiple required administrative approvals would be granted, and therefore the company could not demonstrate its ability to pay the debt.

Court Disposition

Winding-up order made

Orders

  • Make the usual winding-up order.