16 Dec 2016
RE JOINT SILVER LTD (IN CREDITORS\' OLUNTARY LIQUIDATION)
- Citation
- RE JOINT SILVER LTD (IN CREDITORS\' OLUNTARY LIQUIDATION)
- Court
- Court of First Instance
- Case number
- HCCW1/2016
The court ordered compulsory winding up because the petitioner demonstrated an undisputed debt and credible concerns that the voluntary liquidation was procured and conducted in a manner giving rise to legitimate doubts as to the impartiality of the liquidators; Central Shipping's US$12,000,000 claim was treated as contingent and should not be given full weight for voting, and the qualitative assessment of creditors' interests supported conversion to a compulsory liquidation. Costs were apportioned: petitioner's costs payable out of company assets and 50% of liquidators' costs payable from as…