15 Sept 2009
RE KOF MEDIA CORP. LTD
- Citation
- RE KOF MEDIA CORP. LTD
- Court
- Court of First Instance
- Case number
- HCCW544/2008
There was no bona fide dispute on substantial grounds: the US$750,000 was a loan under the Loan Agreement; the Company breached the reorganisation obligations under clause 6, constituting an event of default entitling the petitioner to accelerate repayment under clause 8.2; independently, clause 5.3(b) permitted repayment demand where conversion rights were not exercised; the petitioner's PRC expert evidence showed establishment of a JV/WOFE was legally possible and the Company produced no contrary expert evidence, therefore winding up was ordered.