RE FIVEOCEANS SUPPLY SERVICES LTD. (IN LIQUIDATION)

RE FIVEOCEANS SUPPLY SERVICES LTD. (IN LIQUIDATION)

The court stayed the section 228A winding-up and ordered a compulsory winding-up so that section 182 remedies can be pursued; the usual winding-up order operates so that the Official Receiver becomes provisional liquidator under s194(1)(a); the court declined to displace the statutory role of the Official Receiver by appointing private provisional liquidators in his place and indicated the proper procedure is for the Official Receiver to appoint special managers and for creditors to confirm liquidators at the first meeting.

Citation
RE FIVEOCEANS SUPPLY SERVICES LTD. (IN LIQUIDATION)
Parties
Petitioner (creditor): Petitioner; Company (respondent): Fiveoceans Supply Services Limited (in liquidation); Provisional Liquidators: Mr Wardell and Mr Chan; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 April 2002
Case Number
HCCW1379/2001
Procedural Posture
Company Winding Up (companies Winding Up No. 1379 of 2001) / Judgment (application to Stay S228 a and Order Compulsory Winding Up)
Outcome
Stay of winding-up under section 228A granted; compulsory winding-up ordered; Official Receiver to act as provisional liquidator under s194(1)(a).
Legal Topics
Winding Up, Liquidation, Validation Order, Provisional Liquidators, Official Receiver, Void Dispositions (s182), Section 228 a
Source Language
EN
Company Law Insolvency Law Procedural Law Winding Up Liquidation Validation Order Provisional Liquidators Official Receiver +2 more

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Parties

Petitioner

Petitioner (creditor)

Fiveoceans Supply Services Limited (in liquidation)

Company (respondent)

Mr Wardell and Mr Chan

Provisional Liquidators

Official Receiver

Official Receiver

Procedural Posture

Company Winding Up (companies Winding Up No. 1379 of 2001) / Judgment (application to Stay S228 a and Order Compulsory Winding Up)

Legal Issues

  1. 1 Whether to stay a winding-up under section 228A and order a compulsory winding-up
  2. 2 Whether dispositions of company property after commencement are void under section 182 and capable of being recovered
  3. 3 Whether the court may appoint private provisional liquidators in place of the Official Receiver under section 194(2)

Ratio Decidendi

The court stayed the section 228A winding-up and ordered a compulsory winding-up so that section 182 remedies can be pursued; the usual winding-up order operates so that the Official Receiver becomes provisional liquidator under s194(1)(a); the court declined to displace the statutory role of the Official Receiver by appointing private provisional liquidators in his place and indicated the proper procedure is for the Official Receiver to appoint special managers and for creditors to confirm liquidators at the first meeting.

Court Disposition

Stay of winding-up under section 228A granted; compulsory winding-up ordered; Official Receiver to act as provisional liquidator under s194(1)(a).

Orders

  • Stay the winding-up under section 228A of the Companies Ordinance
  • Make a compulsory winding-up order against Fiveoceans Supply Services Limited