RE PROSPEROUS GLOBALCHINA HOLDING LTD

RE PROSPEROUS GLOBALCHINA HOLDING LTD

The opposing contributory failed to establish a bona fide defence on substantial grounds — the duress allegation was misconceived and unsustainable; the loan was advanced and a substantial debt remained unpaid; therefore the court must make the ordinary winding-up order against the company.

Citation
[2018] HKCFI 2789
Parties
Petitioner: Yi Chun Navigation Incorporated; Company: Prosperous GlobalChina Holding Limited; Opposing Contributory: Li Fu Hua; Official Receiver: Official Receiver (Ms Cindy Li)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 December 2018
Case Number
HCCW279/2018
Procedural Posture
Companies Winding Up Proceedings (petition for Winding Up on Grounds of Insolvency) / Hearing and Decision — Winding Up Order Made
Outcome
Winding-up order made against Prosperous GlobalChina Holding Limited.
Legal Topics
Winding Up, Creditor's Petition, Duress, Unfair Prejudice
Source Language
EN
Company Law Insolvency Contract Law Winding Up Creditor's Petition Duress Unfair Prejudice

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Parties

Yi Chun Navigation Incorporated

Petitioner

Prosperous GlobalChina Holding Limited

Company

Li Fu Hua

Opposing Contributory

Official Receiver (Ms Cindy Li)

Official Receiver

Procedural Posture

Companies Winding Up Proceedings (petition for Winding Up on Grounds of Insolvency) / Hearing and Decision — Winding Up Order Made

Legal Issues

  1. 1 Whether the company should be wound up for inability to pay a debt owed to the petitioner
  2. 2 Whether the opposing contributory established a bona fide defence on substantial grounds to resist the winding-up petition
  3. 3 Whether the allegation of duress (sexual coercion alternative) vitiated the loan obligation or repayment entitlement

Ratio Decidendi

The opposing contributory failed to establish a bona fide defence on substantial grounds — the duress allegation was misconceived and unsustainable; the loan was advanced and a substantial debt remained unpaid; therefore the court must make the ordinary winding-up order against the company.

Court Disposition

Winding-up order made against Prosperous GlobalChina Holding Limited.

Orders

  • Make the ordinary/normal winding-up order against Prosperous GlobalChina Holding Limited