24 May 2004
RE THE SUN\'S GROUP LTD
- Citation
- RE THE SUN\'S GROUP LTD
- Court
- Court of First Instance
- Case number
- HCCW425/2003
The court found no bona fide dispute on substantial grounds in respect of the petitioning debts (Wong Kwan and Charcon in HCCW 425/2003; Wong Kwan in HCCW 426/2003). Cross-claims brought by related subsidiaries or other group entities cannot be treated as cross-claims of the debtor company for the purpose of defeating a winding-up petition because they lack the requisite mutuality. The companies are insolvent and statutory deeming provisions apply. The court declined to make immediate winding-up orders but directed that petitioners issue summonses for appointment of provisional liquidators to…