RE KOKIN LTD

RE KOKIN LTD

Contributories failed to present a concrete, signable restructuring agreement after prolonged adjournments and the provisional liquidation jurisdiction had been used to delay enforcement; accordingly the court made winding-up orders for the five companies and ordered the provisional liquidators to continue in office.

Citation
RE KOKIN LTD
Parties
Company (respondent): Easy Carry Limited; Company (respondent): K.C.K. Garment Factory Limited; Petitioner: China CITIC Bank International Limited; Provisional Liquidators: Provisional Liquidators; Contributory: Woo Koo Ping; Contributory: Woo Siu Hong Eric; Supporting Creditor: Ng Wai Chi; Creditor: Lai Wai Fong; Creditor: Leung Kwong Wa
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
31 October 2016
Case Number
HCCW298/2014
Procedural Posture
Companies (winding Up) / Final Hearing/decision (winding Up Orders Made)
Outcome
Winding-up orders made in respect of the five companies; provisional liquidators to continue in office.
Legal Topics
Winding Up Petitions, Provisional Liquidators, Debt Restructuring, Moratorium
Source Language
EN
Company Law Insolvency Law Winding Up Provisional Liquidation Winding Up Petitions Provisional Liquidators Debt Restructuring Moratorium

Case Brief

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 2 Authorities cited 2 Party arguments 2
Sign in to unlock

Parties

Easy Carry Limited

Company (respondent)

K.C.K. Garment Factory Limited

Company (respondent)

China CITIC Bank International Limited

Petitioner

Provisional Liquidators

Provisional Liquidators

Woo Koo Ping

Contributory

Woo Siu Hong Eric

Contributory

Ng Wai Chi

Supporting Creditor

Lai Wai Fong

Creditor

Leung Kwong Wa

Creditor

Procedural Posture

Companies (winding Up) / Final Hearing/decision (winding Up Orders Made)

Legal Issues

  1. 1 Whether to make winding-up orders for the five companies
  2. 2 Whether the provisional liquidation jurisdiction has been misused to obtain a moratorium for restructuring
  3. 3 Whether to adjourn to permit a last opportunity to present a concrete restructuring proposal

Ratio Decidendi

Contributories failed to present a concrete, signable restructuring agreement after prolonged adjournments and the provisional liquidation jurisdiction had been used to delay enforcement; accordingly the court made winding-up orders for the five companies and ordered the provisional liquidators to continue in office.

Court Disposition

Winding-up orders made in respect of the five companies; provisional liquidators to continue in office.

Orders

  • Winding-up orders made in respect of each of the five companies (including HCCW 297/2014, HCCW 298/2014, HCCW 300/2014, HCCW 301/2014)
  • The current provisional liquidators to continue in office