Re Nam Fong International Investment Ltd.

Re Nam Fong International Investment Ltd.

Given the existing judgment debt of approximately $16 million, service of a statutory demand, presentation of the petition, absence of evidence that the company has funds or an arguable defense, and dismissal of prior procedural attempts to stay or appeal, the court exercised its discretion to make a winding-up order without further adjournment.

Citation
Re Nam Fong International Investment Ltd.
Parties
Petitioner: Petitioner; Company/respondent: Nam Fong International Investment Limited; Intervener: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
14 May 2001
Case Number
HCCW205/2001
Procedural Posture
Companies (winding Up) No. 205 of 2001 / Hearing and Judgment (winding Up Order Made)
Outcome
Winding-up order made
Legal Topics
Winding Up, Statutory Demand, Summary Judgment, Stay of Execution, Settlement Agreement, Appeal
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Statutory Demand Summary Judgment Stay of Execution Settlement Agreement +1 more

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Parties

Petitioner

Petitioner

Nam Fong International Investment Limited

Company/respondent

Official Receiver

Intervener

Procedural Posture

Companies (winding Up) No. 205 of 2001 / Hearing and Judgment (winding Up Order Made)

Legal Issues

  1. 1 Whether the company should be wound up for inability to pay its debts
  2. 2 Whether there were grounds to adjourn for further affidavit or to stay proceedings pending appeal
  3. 3 Whether the company had funds or an arguable defense sufficient to resist the winding-up petition

Ratio Decidendi

Given the existing judgment debt of approximately $16 million, service of a statutory demand, presentation of the petition, absence of evidence that the company has funds or an arguable defense, and dismissal of prior procedural attempts to stay or appeal, the court exercised its discretion to make a winding-up order without further adjournment.

Court Disposition

Winding-up order made

Orders

  • Make the usual winding-up order against Nam Fong International Investment Limited