6 May 2004
RE: SAINT POWER INDUTSRIAL LTD
- Citation
- RE: SAINT POWER INDUTSRIAL LTD
- Court
- Court of First Instance
- Case number
- HCCW1309/2002
The court ordered winding up on the just and equitable ground: the company's commercial substratum had been lost and that loss was caused by the respondent's diversion of the Shanghai WFOE business to Sun Power/Sun Power Shanghai and by deadlock/loss of mutual trust between the two shareholder-directors. The insolvency ground was not made out at presentation because the debt was capable of being disputed in good faith, notably in light of the 6 September 2002 support letter; however the state of affairs at hearing justified winding up.