29 Dec 2020
RE HSIN CHONG CONSTRUCTION CO LTD
- Citation
- [2020] HKCFI 3160
- Court
- Court of First Instance
- Case number
- HCCW239/2018
The court held that $6,162,823.36 of the cashier's orders constituted payments of preferential debts under s265(1)(ch) and (ci) and validation of that preferential portion must be adjourned until it is known whether there will be a surplus available after liquidation costs to pay those preferential claims; the Authority failed to show that the non-preferential portion of $2,298,246.51 produced a net benefit to unsecured creditors and that non-preferential portion is dismissed (not validated).