RE HI-TECH WEALTH GROUP LTD

RE HI-TECH WEALTH GROUP LTD

The petitioning debt was undisputed, substantial and due; neither the company nor the opposing creditor could present any concrete or viable settlement proposal; consequently the petitioner was entitled ex debito justitiae to a winding-up order and the petition should not be adjourned.

Citation
RE HI-TECH WEALTH GROUP LTD
Parties
Petitioner: Hiddenite International Finance Limited; Respondent (company): Hi-Tech Wealth Group Limited; Opposing Creditor: Rising Investment Development Limited; Contributory (notice of Intention to Appear): Star Cluster Incorporated
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 October 2007
Case Number
HCCW358/2007
Procedural Posture
Winding Up Petition / Hearing/judgment — Final Winding Up Order Made
Outcome
Winding-up order made against Hi-Tech Wealth Group Limited
Legal Topics
Winding Up, Redeemable Preferential Shares, Demand for Payment Under Companies Ordinance, Appointment of Provisional Liquidators
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Redeemable Preferential Shares Demand for Payment Under Companies Ordinance Appointment of Provisional Liquidators

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Parties

Hiddenite International Finance Limited

Petitioner

Hi-Tech Wealth Group Limited

Respondent (company)

Rising Investment Development Limited

Opposing Creditor

Star Cluster Incorporated

Contributory (notice of Intention to Appear)

Procedural Posture

Winding Up Petition / Hearing/judgment — Final Winding Up Order Made

Legal Issues

  1. 1 Whether the company should be wound up for failing to pay an undisputed debt
  2. 2 Whether the petitioning debt is due and payable under the articles (redemption event)
  3. 3 Whether the court should adjourn the petition to allow settlement negotiations

Ratio Decidendi

The petitioning debt was undisputed, substantial and due; neither the company nor the opposing creditor could present any concrete or viable settlement proposal; consequently the petitioner was entitled ex debito justitiae to a winding-up order and the petition should not be adjourned.

Court Disposition

Winding-up order made against Hi-Tech Wealth Group Limited

Orders

  • Winding-up order made against Hi-Tech Wealth Group Limited
  • Petitioner’s costs to be paid out of the Company’s assets