18 Nov 2020
RE GW ELECTRONICS CO LTD
- Citation
- [2020] HKCFI 2936
- Court
- Court of First Instance
- Case number
- HCCW81/2016
The Court granted a permanent stay because the Company is solvent on the evidence: assets exceed liabilities leaving a surplus; statutory interest under section 264A is payable only out of any surplus remaining after payment of proved debts and only to the extent of that surplus; the Petitioner would not be prejudiced because the Applicant undertook to ensure the surplus (and an immediate payment) would be paid to the Petitioner and the Official Receiver was neutral; therefore a permanent stay with conditions was appropriate.