RE PROSPEROUS GLOBALCHINA HOLDING LTD

RE PROSPEROUS GLOBALCHINA HOLDING LTD

Leave was granted for the liquidators to sell the Company's assets to the original petitioner for £11,275,586.83 because the sole objection was motivated by animus and no evidence was presented that the sale was at an undervalue or not in the best interests of creditors.

Citation
[2022] HKCFI 1988
Parties
Company: Prosperous GlobalChina Holding Limited; Liquidators: Liquidators; Petitioner: Yi Chun Navigation Inc; Objector, Committee Member: Ms Li; Official Receiver: Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
23 June 2022
Case Number
HCCW279/2018
Procedural Posture
Companies Winding Up Proceedings / Application for Court Leave to Sell Company Assets (chambers Hearing)
Outcome
Leave granted to the liquidators to sell the Company's assets to the original petitioner
Legal Topics
Winding Up, Sale of Assets, Committee of Inspection, Leave to Sell
Source Language
EN
Company Law Insolvency Civil Procedure Winding Up Sale of Assets Committee of Inspection Leave to Sell

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Parties

Prosperous GlobalChina Holding Limited

Company

Liquidators

Liquidators

Yi Chun Navigation Inc

Petitioner

Ms Li

Objector, Committee Member

Official Receiver

Official Receiver

Procedural Posture

Companies Winding Up Proceedings / Application for Court Leave to Sell Company Assets (chambers Hearing)

Legal Issues

  1. 1 Whether liquidators should be granted leave to sell the company's assets to the original petitioner who is a member of the committee of inspection
  2. 2 Whether the proposed sale is at an undervalue or otherwise not in the best interests of creditors
  3. 3 Whether an objection motivated by animus to third parties justifies refusing leave

Ratio Decidendi

Leave was granted for the liquidators to sell the Company's assets to the original petitioner for £11,275,586.83 because the sole objection was motivated by animus and no evidence was presented that the sale was at an undervalue or not in the best interests of creditors.

Court Disposition

Leave granted to the liquidators to sell the Company's assets to the original petitioner

Orders

  • Liquidators granted leave to sell the Company's interest in Prosperous GlobalChina Capital Limited and Master Fortune Investments Limited and related debts to the original petitioner for £11,275,586.83
  • Costs of the application reserved