RE ASIA ALUMINUM HOLDINGS LTD

RE ASIA ALUMINUM HOLDINGS LTD

The court was satisfied on the evidence that each company was unable to pay its debts as they fell due, that relevant events of default accelerated indebtedness (removing any arguable defence), and accordingly it was appropriate to make winding-up orders; costs were to be paid out of the companies' assets.

Citation
RE ASIA ALUMINUM HOLDINGS LTD
Parties
Petitioner: Asia Aluminum Holdings Limited (AAHL); Company (respondent): AA Investments Company Limited (AAICL); Company (respondent): China Steel Development Company Limited (CSDCL); Company (respondent): Asia Aluminum Manufacturing Company Limited (AAMCL); Petitioner (creditor): Public Bank (Hong Kong) Limited; Provisional Liquidators (interested Party): Provisional Liquidators; Supporting Creditors: Supporting Creditors (OK Spring Roll Limited Partnership & Asia Aluminum Group Limited); Joint Receivers and PIK Holders (interested Parties): Joint Receivers and PIK Holders; Official Receiver (office): Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 July 2009
Case Number
HCCW140/2009
Procedural Posture
Companies (winding Up) / Hearing and Order for Winding Up Made
Outcome
Winding-up orders made in respect of each company named in the petitions.
Legal Topics
Winding Up, Insolvency, Inter Company Debt, Debt Acceleration, Creditor Petitions
Source Language
EN
Company Law Insolvency Law Corporate Finance Winding Up Insolvency Inter Company Debt Debt Acceleration Creditor Petitions

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Parties

Asia Aluminum Holdings Limited (AAHL)

Petitioner

AA Investments Company Limited (AAICL)

Company (respondent)

China Steel Development Company Limited (CSDCL)

Company (respondent)

Asia Aluminum Manufacturing Company Limited (AAMCL)

Company (respondent)

Public Bank (Hong Kong) Limited

Petitioner (creditor)

Provisional Liquidators

Provisional Liquidators (interested Party)

Supporting Creditors (OK Spring Roll Limited Partnership & Asia Aluminum Group Limited)

Supporting Creditors

Joint Receivers and PIK Holders

Joint Receivers and PIK Holders (interested Parties)

Official Receiver

Official Receiver (office)

Procedural Posture

Companies (winding Up) / Hearing and Order for Winding Up Made

Legal Issues

  1. 1 Whether each company was unable to pay its debts as they fell due
  2. 2 Whether presentation of petition and event of default under the notes accelerated liabilities
  3. 3 Whether there was any bona fide dispute sufficient to defeat the petitions

Ratio Decidendi

The court was satisfied on the evidence that each company was unable to pay its debts as they fell due, that relevant events of default accelerated indebtedness (removing any arguable defence), and accordingly it was appropriate to make winding-up orders; costs were to be paid out of the companies' assets.

Court Disposition

Winding-up orders made in respect of each company named in the petitions.

Orders

  • Winding-up order made in respect of each of the companies in the four petitions.
  • The costs of the petitioner are to be paid out of the assets of the company concerned.