11 Jan 2002
RE UNITED HONG KONG LTD.
- Citation
- RE UNITED HONG KONG LTD.
- Court
- Court of First Instance
- Case number
- HCCW13/2001
Under s.209 of the Companies Ordinance the court exercised its discretion to stay all further winding‑up proceedings because related‑party creditors had waived or agreed time to pay substantial debts thereby converting an apparent deficiency into net assets, external creditors were not prejudiced (petitioner accepted a personal guarantee and others allowed time), and the circumstances of a family company holding let property meant liquidation would be unduly disruptive; substitution of the applicant under O.15 r.6 was permitted.