3 Oct 2022
RE TARGET INSURANCE CO LTD
- Citation
- [2022] HKCFI 3036
- Court
- Court of First Instance
- Case number
- HCCW246/2022
The Company is insolvent on the balance sheet as at 31 May 2022 and is deemed insolvent under s.42(1) Insurance Ordinance when applying the valuation rules; those findings satisfy statutory grounds for winding up under ss.177(1)(d) and 178(1)(c) CWUO. The speculative prospect of recovering the Debt from NBL or third parties does not defeat the petition nor justify a stay; policyholder protection measures and support from MIB and ECIIB mitigate disruption. The winding-up order is therefore appropriate and the Managers are to be confirmed in control as liquidators by regulating order.