RE RICH SOURCE ENGINEERING LTD

RE RICH SOURCE ENGINEERING LTD

The company was ordered wound up because it failed to satisfy a valid judgment debt and its application for a stay of execution was dismissed; accordingly the petition succeeds and costs are to be paid from the company's assets.

Source-derived case information.

Citation
RE RICH SOURCE ENGINEERING LTD
Parties
Petitioner: Cheung Ho Electric Company Limited; Company (respondent): Rich Source Engineering Limited; Supporting Creditor: Standard Chartered Bank (Hong Kong) Limited; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
11 December 2006
Case Number
HCCW449/2006
Procedural Posture
Winding Up Petition / Judgment on Petition
Outcome
Order made to wind up Rich Source Engineering Limited
Legal Topics
Winding Up, Judgment Debt, Stay of Execution, Costs
Source Language
en
Company Law Insolvency Civil Procedure Winding Up Judgment Debt Stay of Execution Costs

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Parties

Cheung Ho Electric Company Limited

Petitioner

Rich Source Engineering Limited

Company (respondent)

Standard Chartered Bank (Hong Kong) Limited

Supporting Creditor

Official Receiver

Official Receiver

Procedural Posture

Winding Up Petition / Judgment on Petition

Legal Issues

  1. 1 Whether an unpaid judgment debt grounds a petition to wind up the company
  2. 2 Whether the company is entitled to a stay of execution on payment instalment terms
  3. 3 Whether costs should be paid out of the company's assets

Ratio Decidendi

The company was ordered wound up because it failed to satisfy a valid judgment debt and its application for a stay of execution was dismissed; accordingly the petition succeeds and costs are to be paid from the company's assets.

Court Disposition

Order made to wind up Rich Source Engineering Limited

Orders

  • Rich Source Engineering Limited is to be wound up
  • Costs reserved by a Master on prior adjournments are to be paid to the petitioner and to be paid out of the assets of the Company