24 Dec 2001
RE MODERN CENTURY FORWARDING LTD. (NUMBER 280162)
- Citation
- RE MODERN CENTURY FORWARDING LTD. (NUMBER 280162)
- Court
- Court of First Instance
- Case number
- HCCW306/2001
The court refused to exercise its discretion to rescind the winding-up order because the directors provided no justification for transferring the company's business and assets to an associated company, thereby preferring themselves to the detriment of creditors (including contingent creditors); subsequent settlements funded by the directors after presentation of the petition did not cure the misconduct or justify rescission, particularly where there was no evidence the funds were not previously available.