31 Dec 2001
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. HONG KONG BRANCH v. SOUTH EAST ASIA OVERSEAS FINANCE LTD
- Citation
- COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. HONG KONG BRANCH v. SOUTH EAST ASIA OVERSEAS FINANCE LTD
- Court
- Court of First Instance
- Case number
- HCCW1329/2001
The petitioner established a good prima facie case for winding-up based on insolvency and inability to pay debts; there was credible evidence of non-cooperation by management and risk of asset dissipation; provisional liquidators with an experienced independent management team are likely to stabilise operations and better protect creditors and the public interest; on balance of convenience the Court ordered appointment of provisional liquidators subject to agreement with the Official Receiver on terms.