10 May 2005
RE SURPLUS TRADER LTD
- Citation
- RE SURPLUS TRADER LTD
- Court
- Court of First Instance
- Case number
- HCCW826/2004
The court held that the petitioner has locus standi because there is no bona fide dispute of the petitioning debt on substantial grounds; the written facility documents were validly executed and entitled the petitioner to demand repayment, the alleged no-recourse oral representation is inconsistent with the agreements and was raised late and contrary to admissions, and the companies are unable to pay their debts; accordingly winding-up orders were made and costs ordered to be paid out of each company's assets.