31 Jul 2001
CCIC FINANCE LTD. v. GUANGDONG INTERNATIONAL TRUST & INVESTMENT CORPORATION
- Citation
- CCIC FINANCE LTD. v. GUANGDONG INTERNATIONAL TRUST & INVESTMENT CORPORATION
- Court
- Court of First Instance
- Case number
- HCA15651/1999
Refusal to make the garnishee order absolute and grant of a stay: the PRC liquidation of GITIC is being conducted as a universal (extra-territorial) collection and distribution of assets with an announced pari passu regime; making the garnishee order absolute would give CCIC an unfair preference over other similarly ranked creditors and interfere with the foreign insolvency process; the court therefore exercised its discretion to dismiss the garnishee enforcement and stay proceedings.