29 Apr 2022
RE ADONISS LTD (formerly known as MAYAR (H.K.) LTD and ADONIS LTD)
- Citation
- [2022] HKCFI 1269
- Court
- Court of First Instance
- Case number
- HCCW357/2021
No estoppel; the OTS/security proposals were properly treated as part of ongoing negotiations and could be reasonably rejected by the lenders given uncertainty, low recovery percentage and inadequate disclosure; the statutory demand and petition established a substantial undisputed debt despite appropriation of proceeds; accordingly winding up of the company and adjudication of the debtor as bankrupt were ordered.