2 Jul 2021
CHAN KA CHING v. AJS CO
- Citation
- [2021] HKCFI 1947
- Court
- Court of First Instance
- Case number
- HCCW10/2021
The distributions in issue contravened the Companies Ordinance because they were not declared on the basis of the statutory financial statements required to determine distributable profits; the respondents raised a genuine and serious cross‑claim under s301 that the distributions were unlawful and that shareholders (including the petitioner) may be liable to repay; accordingly the winding up petitions were dismissed because the cross‑claim defeated the petitioning debt basis for winding up.