12 Jun 2008
The appeal is dismissed because the company failed to demonstrate a bona fide dispute of substance as to the debt claimed; the judge was entitled to refuse admission of fresh evidence under Ladd v Marshall; therefore the winding up order stands and costs on an indemnity basis are appropriate against the funder (Dr Huang).
26 Mar 2004
The court found the allegation that the corporate guarantee operated as an escrow to be incredible on the evidence, held there was no bona fide dispute of the petitioning debt on substantial grounds, concluded the company was unable to pay its debts on the available financial accounts and therefore made a winding-up order against the company, refused adjournment or stay and ordered costs to be paid from the company's assets.
15 Sept 2003
Because the petitioner held an undisputed judgment debt which remained unpaid after demand, the verifying affirmation was found to be compliant, and there was insufficient evidence of the company's solvency or of immediate payment, the court inferred inability to pay and made a winding-up order.
26 Feb 2001
The court made a winding up order because the company failed to demonstrate an ability to pay its debts: management accounts were outdated and showed sustained losses, asserted receivables lacked dates and proof of collectability, and the company had not paid outstanding tribunal awards or satisfied statutory demands.
8 Nov 1996
The Court held the appellant failed to demonstrate that its cross-claims were bona fide and supported on substantial grounds; contemporaneous written admissions, confirmations and the Statement of Affairs established substantial indebtedness and, coupled with non-compliance with the statutory demand, justified the winding-up order; the judge's exercise of discretion to wind up the company was unassailable.