Re China Motor Vehicle Economic & Development Co. Ltd.

Re China Motor Vehicle Economic & Development Co. Ltd.

The court refused the adjournment because there was no evidence that Hohbond would be in a position to discharge the company's debt; accordingly the court made the usual compulsory winding up order and directed that the petitioning creditor's costs be a liquidation expense.

Citation
Re China Motor Vehicle Economic & Development Co. Ltd.
Parties
Petitioner: Petitioner; Company/respondent: China Motor Vehicle Economic & Development Company Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
17 January 2000
Case Number
HCCW933/1999
Procedural Posture
Companies Winding Up Proceedings / Judgment (court of First Instance)
Outcome
Compulsory winding up order made against the company
Legal Topics
Winding Up, Creditors' Petition, Adjournment, Liquidation Expenses, Rent Arrears, Third Party Payment
Source Language
EN
Company Law Insolvency Commercial Law Civil Procedure Winding Up Creditors' Petition Adjournment Liquidation Expenses +2 more

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Parties

Petitioner

Petitioner

China Motor Vehicle Economic & Development Company Limited

Company/respondent

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Proceedings / Judgment (court of First Instance)

Legal Issues

  1. 1 Whether to adjourn a creditors' winding up petition pending third party restructuring and payment
  2. 2 Whether unverified assertions of a third party's ability to pay justify postponement of winding up
  3. 3 Whether petitioning creditor's costs should be a liquidation expense

Ratio Decidendi

The court refused the adjournment because there was no evidence that Hohbond would be in a position to discharge the company's debt; accordingly the court made the usual compulsory winding up order and directed that the petitioning creditor's costs be a liquidation expense.

Court Disposition

Compulsory winding up order made against the company

Orders

  • Make compulsory winding up order against China Motor Vehicle Economic & Development Company Limited
  • Refuse adjournment of the petition