Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Withdrawal of winding-up petition

Legal area

Court

26 Apr 2004

RE I-CHINA HOLDINGS LTD

Citation

RE I-CHINA HOLDINGS LTD
Court

Court of First Instance
Case number

HCCW1321/2002

The statutory requirements for sanctioning the s.166 scheme were satisfied: the creditors' meeting was properly convened, the class was properly constituted, the statutory majority approved the scheme, and the scheme was fair and reasonable and offered a better prospect of recovery for creditors than an anticipated winding up; accordingly the court sanctioned the scheme and granted conditional withdrawal of the winding-up petition and discharge of provisional liquidators subject to the issue of the closing notice.
19 Dec 2003

RE SK GLOBAL HONG KONG LTD

Citation

RE SK GLOBAL HONG KONG LTD
Court

Court of First Instance
Case number

HCCW776/2003

The petition was dismissed and the provisional liquidators discharged because material creditors had reached restructuring agreements, the petitioner had adequate assets to satisfy proposed payments to affected creditors including employees and unsecured creditors, the provisional liquidators did not object, the overwhelming creditor support and the absence of unfair prejudice meant continued appointment of provisional liquidators was unnecessary.