26 Nov 2021
RE BGA HOLDINGS LTD (Formerly Known as BEIBU GULF OCEAN SHIPPING (GROUP) LTD)
- Citation
- [2021] HKCFI 3433
- Court
- Court of First Instance
- Case number
- HCCW251/2019
The summons to strike out was dismissed: the Authority Ground was rejected (the liquidator/director had authority to bring proceedings); contemporaneous audited financial statements and other documents established the PBM loan was repayable on demand; the asserted express or implied agreement, the alleged Vessel Purchase Agreement and the Novation Agreement were not credible or supported by contemporaneous documents and therefore did not discharge or novate the debt; accordingly there was no bona fide dispute on substantial grounds to defeat the statutory demand-based insolvency case.