LEUNG KAI HUNG AND ANOTHER v. CHOI TZE KIT SAMMY, JOINT AND SEVERAL LIQUIDATOR OF RICHFAME DYNASTY LTD (IN LIQUIDATION) AND OTHERS

LEUNG KAI HUNG AND ANOTHER v. CHOI TZE KIT SAMMY, JOINT AND SEVERAL LIQUIDATOR OF RICHFAME DYNASTY LTD (IN LIQUIDATION) AND OTHERS

The court granted the stay because the statement of affairs was filed, liquidators conducted enquiries and identified no transactions requiring further investigation, the company appeared amply solvent given the released mortgage over 23 car parking spaces, contributories provided undertakings and measures to secure...

Source-derived case information.

Citation
[2018] HKCFI 1532
Parties
1st Applicant: Leung Kai Hung; 2nd Applicant: Chong Lap Cheung; 1st Respondent Joint and Several Liquidator of Richfame Dynasty Limited (in Liquidation): Choi Tze Kit Sammy; 2nd Respondent Joint and Several Liquidator of Richfame Dynasty Limited (in Liquidation): Yu Tak Yee Beryl; 3rd Respondent: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 June 2018
Case Number
HCCW401/2005
Procedural Posture
Companies (winding Up) Proceedings No. 401 of 2005 / Application for Stay of Winding Up Pursuant to Section 209 (interlocutory Hearing After Reinstatement)
Outcome
Application for stay of winding-up granted.
Legal Topics
Winding Up, Stay of Winding Up Under S.209, Reinstatement of Dissolved Company, Liquidator Duties, Statement of Affairs, Security Over Company Property
Source Language
en
Company Law Insolvency Law Civil Procedure Winding Up Stay of Winding Up Under S.209 Reinstatement of Dissolved Company Liquidator Duties Statement of Affairs +1 more

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 3 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Leung Kai Hung

1st Applicant

Chong Lap Cheung

2nd Applicant

Choi Tze Kit Sammy

1st Respondent Joint and Several Liquidator of Richfame Dynasty Limited (in Liquidation)

Yu Tak Yee Beryl

2nd Respondent Joint and Several Liquidator of Richfame Dynasty Limited (in Liquidation)

Official Receiver

3rd Respondent

Procedural Posture

Companies (winding Up) Proceedings No. 401 of 2005 / Application for Stay of Winding Up Pursuant to Section 209 (interlocutory Hearing After Reinstatement)

Legal Issues

  1. 1 Whether the winding-up should be stayed under section 209 of Cap 32
  2. 2 Whether further investigation or enquiries by the liquidators are required before a stay is granted
  3. 3 Whether reinstatement and return of company to contributories would prejudice creditors or public interest

Ratio Decidendi

The court granted the stay because the statement of affairs was filed, liquidators conducted enquiries and identified no transactions requiring further investigation, the company appeared amply solvent given the released mortgage over 23 car parking spaces, contributories provided undertakings and measures to secure possible liabilities and there was no detriment to public commercial morality or public interest.

Court Disposition

Application for stay of winding-up granted.

Orders

  • Stay of the winding-up of Richfame Dynasty Limited pursuant to section 209 of Cap 32 granted
  • Stay granted subject to undertakings by the contributories and provision for possible liabilities, costs, fees and expenses as settled at the hearing