RE KENLAP P.G.C. MANUFACTURER CO LTD
The court was satisfied that Kenlap is insolvent and that winding up is just and equitable and in the best interests of its creditors; accordingly a winding-up order was made and the petitioner's costs were ordered to be paid out of the company's assets.
Source-derived case information.
- Citation
- RE KENLAP P.G.C. MANUFACTURER CO LTD
- Parties
- Petitioner: Ocean Grand Chemicals Holdings Limited; Company: Kenlap P.G.C. Manufacturer Company Limited; Interested Party: Official Receiver
- Court
- Court of First Instance
- Jurisdiction
- Hong Kong
- Judgment Date
- 22 December 2008
- Case Number
- HCCW409/2006
- Procedural Posture
- Winding Up Petition / Final Judgment (winding Up Order)
- Outcome
- Winding-up order made against Kenlap P.G.C. Manufacturer Company Limited
- Legal Topics
- Winding Up, Insolvency, Just and Equitable, Provisional Liquidators, Costs
- Source Language
- en
Source-derived case record
Summary, issues, holding and outcome
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Parties
Ocean Grand Chemicals Holdings Limited
Petitioner
Kenlap P.G.C. Manufacturer Company Limited
Company
Official Receiver
Interested Party
Procedural Posture
Winding Up Petition / Final Judgment (winding Up Order)
Legal Issues
- 1 Whether the company is insolvent
- 2 Whether it is just and equitable to wind up the company
- 3 Whether the petitioner's costs should be paid out of the company's assets
Ratio Decidendi
The court was satisfied that Kenlap is insolvent and that winding up is just and equitable and in the best interests of its creditors; accordingly a winding-up order was made and the petitioner's costs were ordered to be paid out of the company's assets.
Court Disposition
Winding-up order made against Kenlap P.G.C. Manufacturer Company Limited
Orders
- Kenlap P.G.C. Manufacturer Company Limited is to be wound up
- Petitioner's costs to be paid out of the company's assets
Full Case Text
Judgment text and source record
1 paragraphs
bjbj HCCW 409/2006 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES (WINDING-UP) NO. 409 OF 2006 ____________ IN THE MATTER of KENLAP P.G.C. MANUFACTURER COMPANY LIMITED and IN THE MATTER of the Companies Ordinance, Cap. 32 ____________ Before: Hon Kwan J in Court Date of Hearing: 22 December 2008 Date of Judgment: 22 December 2008 _______________ J U D G M E N T _______________ I have before me a petition to wind up Kenlap P.G.C. Manufacturer Company Limited ( Kenlap ) presented by its parent company Ocean Grand Chemicals Holdings Limited ( OGCH ), then acting by its provisional liquidators, on the ground that Kenlap is insolvent. OGCH is the subject of a restructuring which has been implemented, and the winding-up petition regarding OCGH was dismissed on 30 September 2008. Kenlap does not form part of the restructuring arrangement. In the hearing today, the provisional liquidators for Kenlap consider it just and equitable, and in the best interests of its creditors that it should be wound up, so that its assets may be realised for the benefit of its creditors. I am satisfied that Kenlap is insolvent. I therefore make an order to wind up this company. The petitioner s costs would be paid out of its assets. (S Kwan) Judge of the Court of First Instance High Court Ms Linda Chan instructed by Messrs Baker & McKenzie, for the Provisional Liquidators of the Company Miss Vivian Yeung for the Official Receiver PAGE - 1udk 1udk H I J K L M N O P Q R S T U V A B C D E F G H I J K L M N O P Q R S T U V i$&`G T![> hccw (for Susan Kwan only).dot setup Microsoft Word 9.0 Title Microsoft Word Document MSWordDoc Word.Document.8