RE KING KONG (GROUPS) LTD.

RE KING KONG (GROUPS) LTD.

The Company failed to provide credible evidence to substantiate its claimed asset values or imminent funding; management accounts showed substantial liabilities including a large bank loan and liabilities to related parties; remittance records from 1994 did not prove present value; accordingly the court refused a...

Source-derived case information.

Citation
RE KING KONG (GROUPS) LTD.
Parties
Petitioner: Petitioner; Company (respondent): King Kong (Groups) Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
19 February 2001
Case Number
HCCW1026/2000
Procedural Posture
Companies Winding Up Petition / Hearing — Judgment (winding Up Petition)
Outcome
Winding up order made; further adjournment refused
Legal Topics
Winding Up, Statutory Demand, Deed of Settlement, Adjournment, Management Accounts, Valuation of Assets
Source Language
en
Insolvency Company Law Winding Up Statutory Demand Deed of Settlement Adjournment Management Accounts Valuation of Assets

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Parties

Petitioner

Petitioner

King Kong (Groups) Limited

Company (respondent)

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Petition / Hearing — Judgment (winding Up Petition)

Legal Issues

  1. 1 Whether the company is insolvent and a winding up order should be made
  2. 2 Whether the court should grant a further adjournment to allow the company to produce evidence of assets and receipts of funds
  3. 3 Whether the company's asserted value in associated companies is sufficiently evidenced

Ratio Decidendi

The Company failed to provide credible evidence to substantiate its claimed asset values or imminent funding; management accounts showed substantial liabilities including a large bank loan and liabilities to related parties; remittance records from 1994 did not prove present value; accordingly the court refused a further adjournment and made the usual winding up order.

Court Disposition

Winding up order made; further adjournment refused

Orders

  • Refuse any further adjournment of the petition hearing
  • Make the usual winding up order against King Kong (Groups) Limited