RE SHISEI (PNG) ENTERPRISES CO LTD

RE SHISEI (PNG) ENTERPRISES CO LTD

The winding-up proceedings were stayed permanently on the applicants' undertaking to pay liquidators' fees of HK$205,000 within 14 days and to pay the Official Receiver's costs of HK$23,200 because there appeared to be no further outstanding liabilities, the liquidators confirmed no hidden liabilities, and there...

Source-derived case information.

Citation
[2018] HKCFI 1535
Parties
Applicants: Applicants; Liquidators: Joint and several liquidators of the Company; Company (subject of Winding Up): SHISEI (PNG) ENTERPRISES COMPANY LIMITED; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
6 June 2018
Case Number
HCCW665/2009
Procedural Posture
Companies (winding Up) Proceedings / Decision on Application to Stay Winding Up Proceedings
Outcome
Winding-up proceedings stayed permanently on terms provided by applicants' undertaking
Legal Topics
Winding Up, Stay of Proceedings, Liquidators' Fees, Official Receiver Costs, Proofs of Debt, Ad Valorem Fees
Source Language
en
Company Law Insolvency Civil Procedure Winding Up Stay of Proceedings Liquidators' Fees Official Receiver Costs Proofs of Debt +1 more

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Parties

Applicants

Applicants

Joint and several liquidators of the Company

Liquidators

SHISEI (PNG) ENTERPRISES COMPANY LIMITED

Company (subject of Winding Up)

Official Receiver

Official Receiver

Procedural Posture

Companies (winding Up) Proceedings / Decision on Application to Stay Winding Up Proceedings

Legal Issues

  1. 1 Whether the winding-up should be stayed permanently
  2. 2 Whether applicants must pay liquidators' fees and Official Receiver's costs as a condition of stay
  3. 3 Whether liquidators' fees are payable on an ad valorem basis based on property value or amounts realised

Ratio Decidendi

The winding-up proceedings were stayed permanently on the applicants' undertaking to pay liquidators' fees of HK$205,000 within 14 days and to pay the Official Receiver's costs of HK$23,200 because there appeared to be no further outstanding liabilities, the liquidators confirmed no hidden liabilities, and there were genuine commercial reasons for the stay; the court accepted the parties' agreement on the ad valorem fee issue without resolving the legal question.

Court Disposition

Winding-up proceedings stayed permanently on terms provided by applicants' undertaking

Orders

  • All further proceedings in the winding up of the company be stayed permanently
  • Order in terms of paragraphs 3 and 4 of the summons