27 Jul 1992
SEALY BEDDING AND FURNITURE (HONG KONG) LTD. v. LANDTRADE ENGINEERING AND DEVELOPMENT CO. LTD.
- Citation
- SEALY BEDDING AND FURNITURE (HONG KONG) LTD. v. LANDTRADE ENGINEERING AND DEVELOPMENT CO. LTD.
- Court
- Court of First Instance
- Case number
- HCCW418/1991
Winding-up order granted because the petitioner held an undisputed judgment debt, the company was commercially insolvent, the proposed sale was speculative and unsupported by necessary documentation or valuations, key opposing creditors had conflicts and unexplained reductions suggesting preferential treatment, the directors' credibility was undermined, and there were prima facie grounds to investigate preferential payments and fraudulent trading; accordingly the court exercised its discretion to wind up.