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Hong Kong decisions
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The Court of Appeal refused renewed leave to appeal in a winding-up matter, holding the decision was interlocutory and the contributories’ grounds had no reasonable prospect of success.
The court held that only creditors and contributories with legal rights, not mere economic interest holders, may serve on a committee of inspection in this winding-up.
The Court of First Instance held that the liquidators’ appointment was interlocutory, leave was required for appeal, and the contributories’ summons was dismissed with costs.
The Court of First Instance dismissed a contributories’ appeal, upholding the appointment of Greenwood and Bailey as liquidators and refusing a committee of inspection.
The court refused to appoint the nominated Cayman liquidators as Hong Kong liquidators, appointed Chua Suk Lin Ivy and Lau Kwok Hung instead, and constituted a seven-member COI.
The Court of First Instance granted liquidators leave to sell the company’s assets to the original petitioner, finding no undervalue or prejudice to creditors.
The court held Leading Mar’s time-based debt was unliquidated and unascertained, rejected its authority arguments, and appointed the provisional liquidators as liquidators.
The court ordered Bomin Investment Ltd’s winding up to proceed as a creditors’ voluntary winding up, appointed joint liquidators, and set costs orders.
The court applied insolvency principles on liquidator appointment, gave greater weight to independent creditors, appointed Briscoe Wong’s nominees, and made costs orders.
The Court of First Instance approved a liquidators’ application to join HKME for costs and to sell CVM shares and debt to it for HK$12 million.
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