RE HNA GROUP (INTERNATIONAL) COMPANY LTD (formerly known as HNA GROUP (HONG KONG) HOLDING CO LTD and HNA GROUP INTERNATIONAL HEADQUARTER (HONG KONG) CO LTD

RE HNA GROUP (INTERNATIONAL) COMPANY LTD (formerly known as HNA GROUP (HONG KONG) HOLDING CO LTD and HNA GROUP INTERNATIONAL HEADQUARTER (HONG KONG) CO LTD

The court made a winding-up order because the Company was deemed insolvent for failing to comply with the statutory demand and filed no evidence to establish a bona fide dispute or means to pay; the court retained jurisdiction to grant the order despite an earlier petition where the petitioner was unaware of that...

Source-derived case information.

Citation
[2025] HKCFI 811
Parties
Petitioner: Ashurst Hong Kong; Company: HNA Group (International) Company Limited; Supporting Creditor: Zhang Rui Kang; Other Petitioner: Golden Morning Hong Kong Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 February 2025
Case Number
HCCW250/2024
Procedural Posture
Companies (winding Up) Proceedings / Judgment (winding Up Order Made)
Outcome
Winding-up order made against the Company
Legal Topics
Winding Up, Statutory Demand, Insolvency Determination, Multiple Petitions, Avoidance Provisions/commencement Date
Source Language
en
Company Law Insolvency Law Civil Procedure Winding Up Statutory Demand Insolvency Determination Multiple Petitions Avoidance Provisions/commencement Date

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Summary, issues, holding and outcome

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Parties

Ashurst Hong Kong

Petitioner

HNA Group (International) Company Limited

Company

Zhang Rui Kang

Supporting Creditor

Golden Morning Hong Kong Limited

Other Petitioner

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Proceedings / Judgment (winding Up Order Made)

Legal Issues

  1. 1 Whether the Company is deemed insolvent for failing to comply with a statutory demand under s.178(1)(a) CWUMPO
  2. 2 Whether there is a bona fide dispute on substantial grounds or means to pay the debts claimed
  3. 3 Whether the court may make a winding-up order in these proceedings despite an earlier petition presented by another creditor

Ratio Decidendi

The court made a winding-up order because the Company was deemed insolvent for failing to comply with the statutory demand and filed no evidence to establish a bona fide dispute or means to pay; the court retained jurisdiction to grant the order despite an earlier petition where the petitioner was unaware of that earlier petition and where immediate winding-up better served the interests of creditors and the operation of avoidance provisions.

Court Disposition

Winding-up order made against the Company

Orders

  • Usual winding-up order made against HNA Group (International) Company Limited