10 Jul 2003
RE ADVANCED GENERAL PRINTING INKS LTD
- Citation
- RE ADVANCED GENERAL PRINTING INKS LTD
- Court
- Court of First Instance
- Case number
- HCCW1342/2002
The Company was insolvent on both cash flow and balance sheet tests and the shareholders' relationship had irretrievably broken down producing a board deadlock; SCG validly exercised its contractual right to give notice to wind up and was not acting with an ulterior motive or abusing court process; alternative remedies were impracticable or unreasonable; accordingly a winding‑up order was appropriate and costs should be paid by AICL and taxed on a higher scale.