29 Aug 2022
RE CARNIVAL GROUP INTERNATIONAL HOLDINGS LTD
- Citation
- [2022] HKCFI 2668
- Court
- Court of First Instance
- Case number
- HCCW48/2020
The Court exercised its discretion under s.327(3)(b) CWUO and made a winding-up order because the Company was insolvent, its asserted restructuring was unsubstantiated and did not involve unsecured creditors, there was a real possibility of benefit to the petitioner through investigation and recovery (given the Company's Hong Kong listing, principal place of business and Hong Kong-resident directors), and the Company's jurisdictional challenge lacked merit. Directors’ failure to cause timely liquidation and to stop meritless opposition exposed them to potential personal costs liability.