Hong Kong Case Law: Decisions & Judgments

Topic

Restructuring proposal

Legal area

Court

11 Jun 2024

RE ECOGREEN INTERNATIONAL GROUP LTD

Citation

[2024] HKCFI 1574
Court

Court of First Instance
Case number

HCCW27/2024

The court granted winding up orders because the Debt was undisputed, the companies failed to comply with statutory demands and were therefore deemed insolvent under s.178(1)(a), the petitioner satisfied the s.327(1) core requirements for Listco's Hong Kong connections, and the proposed restructuring remained contingent and unsupported by secured funding or concrete progress such that further adjournment would serve no useful purpose.
14 Jun 2004

RE RICHLINK ASIA LTD

Citation

RE RICHLINK ASIA LTD
Court

Court of First Instance
Case number

HCCW32/2003

No viable restructuring proposal supported by the requisite statutory majority of creditors existed and the provisional liquidators and petitioner rejected the late proposal; further adjournment would be futile; therefore the court made winding-up orders against each company.
10 Jan 2000

Re Chun Tai Industries Ltd.

Citation

Re Chun Tai Industries Ltd.
Court

Court of First Instance
Case number

HCCW969/1999

Because the debt was undisputed, there was no credible or recent evidence of a viable restructuring or majority creditor support, and the company's repayment proposals were unreliable given past conduct, the court exercised its discretion to refuse an adjournment and made a compulsory winding-up order.
3 Jan 2000

Re Grand Empire Holdings Ltd.

Citation

Re Grand Empire Holdings Ltd.
Court

Court of First Instance
Case number

HCCW883/1999

The court refused the further adjournment and made a winding up order because the company was insolvent and its restructuring proposal lacked demonstrable in‑principle support from the major creditors on whose credit facilities the proposal depended, rendering the proposal speculative and insufficient to justify delay.
4 Oct 1999

RE: LI CHIU FAN ("the Debtor") and EX PARTE: EAST ASIA CREDIT CO. LTD.

Citation

RE: LI CHIU FAN ("the Debtor") and EX PARTE: EAST ASIA CREDIT CO. LTD.
Court

Court of First Instance
Case number

HCB917/1999

The court refused further adjournment and made the bankruptcy order because the Debtor had multiple opportunities to apply properly, failed to follow the statutory procedure, and the revised informal proposal was not serious or viable such that it could not justify postponing a bankruptcy order to the prejudice of creditors.
19 Jul 1999

RE HONG KONG FIRST CAPITAL CO. LTD.

Citation

RE HONG KONG FIRST CAPITAL CO. LTD.
Court

Court of First Instance
Case number

HCCW438/1999

Because the Companies owed substantial undisputed debts, the proposed external loan was uncertain and could not be applied to repay the petitioner, and there was no bona fide restructuring proposal offering a realistic prospect of repayment, the court exercised its discretion to refuse further adjournment and made compulsory winding up orders against both companies.

Hong Kong Case Law

RE ECOGREEN INTERNATIONAL GROUP LTD

RE RICHLINK ASIA LTD

Re Chun Tai Industries Ltd.

Re Grand Empire Holdings Ltd.

RE: LI CHIU FAN ("the Debtor") and EX PARTE: EAST ASIA CREDIT CO. LTD.

RE HONG KONG FIRST CAPITAL CO. LTD.