18 Sept 2002
Re Eureca Corporation Ltd.
- Citation
- Re Eureca Corporation Ltd.
- Court
- Court of First Instance
- Case number
- HCCW1341/2001
The court refused the stay because the Official Receiver's report and evidence indicated the company was apparently insolvent, there was no real prospect that the HCMP would result in a buy‑out order (the only realistic remedy if the applicants succeed being winding up), the applicants failed to discharge the heavy burden to show a stay was right and they offered no proposal to address undisputed indebtedness; accordingly granting a stay would be inappropriate and prejudicial to creditors.