RE MOULIN GLOBAL EYECARE HOLDINGS LTD

RE MOULIN GLOBAL EYECARE HOLDINGS LTD

HSBC had assigned its debts and was no longer a creditor; Standard Chartered was properly substituted as petitioner; the companies were shown to be insolvent with debts unpaid, the provisional liquidators identified no reason to continue provisional liquidation, and therefore the court must wind up the companies to permit adjudication of proofs and distribution of assets, with the petitioner's costs payable out of company assets.

Citation
RE MOULIN GLOBAL EYECARE HOLDINGS LTD
Parties
Petitioner: Standard Chartered Bank (HK) Ltd; Supporting Creditor (original Petitioner): HSBC; Respondent (company): Moulin Global Eyecare Holdings Limited (MGEH); Respondent (company): Moulin Global Eyecare Trading Limited (MGET); Respondent (company): Leadkeen Industrial Ltd; Provisional Liquidators: Provisional Liquidators; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
5 June 2006
Case Number
HCCW470/2005
Procedural Posture
Companies (winding Up) / Hearing for Winding Up Petitions — Order Made
Outcome
Winding-up orders made against Moulin Global Eyecare Holdings Limited, Moulin Global Eyecare Trading Limited and Leadkeen Industrial Ltd; Standard Chartered Bank (HK) Ltd substituted as petitioner; provisional liquidation ceased and companies to be wound up.
Legal Topics
Winding Up Petitions, Substitution of Petitioner, Provisional Liquidation, Assignment of Debts, Corporate Guarantees
Source Language
EN
Company Law Insolvency Banking/finance Winding Up Petitions Substitution of Petitioner Provisional Liquidation Assignment of Debts Corporate Guarantees

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Parties

Standard Chartered Bank (HK) Ltd

Petitioner

HSBC

Supporting Creditor (original Petitioner)

Moulin Global Eyecare Holdings Limited (MGEH)

Respondent (company)

Moulin Global Eyecare Trading Limited (MGET)

Respondent (company)

Leadkeen Industrial Ltd

Respondent (company)

Provisional Liquidators

Provisional Liquidators

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) / Hearing for Winding Up Petitions — Order Made

Legal Issues

  1. 1 Whether substitution of the petitioner is appropriate following assignment of debts
  2. 2 Whether a winding-up order should be made given unpaid debts and insolvency
  3. 3 Whether provisional liquidation should continue or the companies should be wound up to permit proofs and distributions

Ratio Decidendi

HSBC had assigned its debts and was no longer a creditor; Standard Chartered was properly substituted as petitioner; the companies were shown to be insolvent with debts unpaid, the provisional liquidators identified no reason to continue provisional liquidation, and therefore the court must wind up the companies to permit adjudication of proofs and distribution of assets, with the petitioner's costs payable out of company assets.

Court Disposition

Winding-up orders made against Moulin Global Eyecare Holdings Limited, Moulin Global Eyecare Trading Limited and Leadkeen Industrial Ltd; Standard Chartered Bank (HK) Ltd substituted as petitioner; provisional liquidation ceased and companies to be wound up.

Orders

  • Substitute Standard Chartered Bank (HK) Ltd as petitioner in each petition.
  • Make a winding-up order against Moulin Global Eyecare Holdings Limited.