RE S Y ENGINEERING CO. LTD.

RE S Y ENGINEERING CO. LTD.

Winding-up order was rescinded because the petition debt was paid into court, no other supporting creditor appeared, the Official Receiver raised no objection, the contributory undertook to pay costs and the audited accounts plus evidence of ongoing profitable trading established solvency on the material before the court, thereby satisfying conditions for rescission.

Citation
RE S Y ENGINEERING CO. LTD.
Parties
Company (respondent to Petition; Applicant to Rescind Winding Up): S Y Engineering Co Ltd; Contributory (joined Applicant to Rescind): Mr Ma Koon Sik; Petitioner (creditor): Petitioner
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
26 October 2000
Case Number
HCCW664/2000
Procedural Posture
Companies Winding Up Petition Under Companies Ordinance (cap.32) / Application to Rescind Winding Up Order; Reasons for Decision After Hearing
Outcome
Winding-up order rescinded
Legal Topics
Winding Up Order, Recission of Order, Solvency, Statutory Demand, Set Off
Source Language
EN
Company Law Insolvency Law Civil Procedure Winding Up Order Recission of Order Solvency Statutory Demand Set Off

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Parties

S Y Engineering Co Ltd

Company (respondent to Petition; Applicant to Rescind Winding Up)

Mr Ma Koon Sik

Contributory (joined Applicant to Rescind)

Petitioner

Petitioner (creditor)

Procedural Posture

Companies Winding Up Petition Under Companies Ordinance (cap.32) / Application to Rescind Winding Up Order; Reasons for Decision After Hearing

Legal Issues

  1. 1 Whether the winding-up order should be rescinded
  2. 2 Whether the petition debt had been paid or provided for
  3. 3 Whether the company is solvent

Ratio Decidendi

Winding-up order was rescinded because the petition debt was paid into court, no other supporting creditor appeared, the Official Receiver raised no objection, the contributory undertook to pay costs and the audited accounts plus evidence of ongoing profitable trading established solvency on the material before the court, thereby satisfying conditions for rescission.

Court Disposition

Winding-up order rescinded

Orders

  • Winding-up order rescinded
  • Costs of the recission application to be paid by the contributory