RE CHINA TECHNOLOGY CORPORATION LTD

RE CHINA TECHNOLOGY CORPORATION LTD

Because judgment had been obtained, the merits of the company's defence had been considered and dismissed, no stay of judgment was obtained, and the company could not provide payment into court or realistic security, the unsatisfied statutory demand established a prima facie case of insolvency and a winding up order...

Source-derived case information.

Citation
[2020] HKCFI 2537
Parties
Petitioner: Petitioner; Respondent/company: China Technology Corporation Limited; Intervener: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 September 2020
Case Number
HCCW285/2019
Procedural Posture
Companies Winding Up Proceedings / Hearing/decision; Winding Up Order Made
Outcome
Winding up order made
Legal Topics
Winding Up, Statutory Demand, Setting Aside Judgment, Insolvency, Security/payment Into Court
Source Language
en
Company Law Insolvency Civil Procedure Winding Up Statutory Demand Setting Aside Judgment Security/payment Into Court

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Parties

Petitioner

Petitioner

China Technology Corporation Limited

Respondent/company

Official Receiver

Intervener

Procedural Posture

Companies Winding Up Proceedings / Hearing/decision; Winding Up Order Made

Legal Issues

  1. 1 Whether the company has a bona fide defence on substantial grounds to resist the petition based on an unsatisfied statutory demand and judgment
  2. 2 Whether a winding up order is appropriate where judgment has been obtained, an application to set aside was dismissed and no stay of judgment obtained
  3. 3 Whether the company can avoid winding up by providing security or payment into court

Ratio Decidendi

Because judgment had been obtained, the merits of the company's defence had been considered and dismissed, no stay of judgment was obtained, and the company could not provide payment into court or realistic security, the unsatisfied statutory demand established a prima facie case of insolvency and a winding up order should be made.

Court Disposition

Winding up order made

Orders

  • Winding up order made against China Technology Corporation Limited