HONG KONG JIN SHENG INDUSTRIAL GROUP LTD

The court found no bona fide dispute on liability, concluded the company was unable to pay its debts as they fell due, refused adjournment for Singapore law advice, and therefore granted the winding-up order.

Source-derived case information.

Citation: HONG KONG JIN SHENG INDUSTRIAL GROUP LTD
Parties: Petitioner: Global Matrix Holdings Limited; Company (respondent): Hong Kong Jin Sheng Industrial Group Limited; Creditors: Other Noteholders; Supporting Creditor: Supporting Creditor; Official Receiver: Official Receiver
Court: Court of First Instance
Jurisdiction: Hong Kong
Judgment Date: 14 January 2008
Case Number: HCCW469/2007
Procedural Posture: Companies (winding Up) No. 469 of 2007 / Judgment (winding Up Hearing)
Outcome: Winding-up order granted against Hong Kong Jin Sheng Industrial Group Limited
Legal Topics: Winding Up, Statutory Demand, Convertible Note, Event of Default, Governing Law Clause
Source Language: en

Companies Law Insolvency Contract Winding Up Statutory Demand Convertible Note Event of Default Governing Law Clause

Source-derived case record

Summary, issues, holding and outcome

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Full judgment text Downloadable case file Legal principles 3 Authorities cited 2 Party arguments 2 Amounts and remedies 4

Parties

Global Matrix Holdings Limited

Petitioner

Hong Kong Jin Sheng Industrial Group Limited

Company (respondent)

Other Noteholders

Creditors

Supporting Creditor

Official Receiver

Procedural Posture

Companies (winding Up) No. 469 of 2007 / Judgment (winding Up Hearing)

Legal Issues

1 Whether the company was unable to pay its debts as they fell due
2 Whether an event of default arose under the Note Instrument on withdrawal of the listing application
3 Whether there existed a bona fide dispute on the debt sufficient to resist the petition

Ratio Decidendi

Court Disposition

Winding-up order granted against Hong Kong Jin Sheng Industrial Group Limited

Orders

Company to be wound up
Petitioners costs and supporting creditors costs to be paid out of the Companys assets

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