31 Dec 2001
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. HONG KONG BRANCH v. SEAPOWER RESOURCES INTERNATIONAL LTD
- Citation
- COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. HONG KONG BRANCH v. SEAPOWER RESOURCES INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCCW1325/2001
The court found a good prima facie case for winding-up (defaults under loan agreement, substantial indebtedness, inability to pay debts and evidence of mismanagement and inter-company fund movements). Balancing commercial realities, urgency and the need to protect creditors and assets, appointment of provisional liquidators was necessary to stabilise operations, prevent dissipation and preserve value for creditors; order made subject to agreement with the Official Receiver on terms of appointment.