RE LONG TO COTTON YARN CO LTD

RE LONG TO COTTON YARN CO LTD

An unpaid judgment debt of $1,807,850 after a formal demand and failure to settle justified making a winding-up order; the petitioner's costs are to be paid out of the company's assets.

Citation
RE LONG TO COTTON YARN CO LTD
Parties
Petitioner: J.K.N. International Limited; Company/respondent: Long To Cotton Yarn Company Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
17 July 2006
Case Number
HCCW46/2006
Procedural Posture
Company Winding Up Petition / Hearing and Judgment (order Made)
Outcome
Winding-up order made
Legal Topics
Winding Up, Judgment Debt, Demand for Payment, Petition Presentation
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Judgment Debt Demand for Payment Petition Presentation

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Parties

J.K.N. International Limited

Petitioner

Long To Cotton Yarn Company Limited

Company/respondent

Official Receiver

Official Receiver

Procedural Posture

Company Winding Up Petition / Hearing and Judgment (order Made)

Legal Issues

  1. 1 Whether to make a winding-up order for non-payment of a judgment debt after demand
  2. 2 Whether the petitioner's costs should be paid out of the company's assets

Ratio Decidendi

An unpaid judgment debt of $1,807,850 after a formal demand and failure to settle justified making a winding-up order; the petitioner's costs are to be paid out of the company's assets.

Court Disposition

Winding-up order made

Orders

  • The Company, Long To Cotton Yarn Company Limited, is to be wound up.
  • Petitioner's costs to be paid out of the Company's assets.