21 Oct 2022
RE ZPMC-RED BOX ENERGY SERVICES LTD
- Citation
- [2022] HKCFI 3256
- Court
- Court of First Instance
- Case number
- HCCW368/2021
The court found no bona fide dispute on substantial grounds: evidence established ZPMC HK paid ICBC Shanghai as agent of the Petitioner such that the Company was enriched at the Petitioner's expense and the Petitioner was subrogated to ICBC Paris's rights (US$25,117,792.28 plus interest) resulting in a Debt of US$28,106,250.20; the Company failed to prove a genuine, serious cross-claim equal to or exceeding the Debt (derivative allegations were inadequately particularised and circular); the petition was not an abuse of process in circumstances where independent liquidation would benefit credi…