19 Apr 2006
RE JIALING XIN TUO INTERNATIONAL LTD
- Citation
- RE JIALING XIN TUO INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCCW800/2005
The statutory demand was valid despite partial overstatement; the Company failed to establish a bona fide dispute on substantial grounds regarding the trade finance loan and interest because the petitioner's actions were consistent with the GCA and facility letter, it did not assume negotiating bank risk, the Company retained its own remedies against BOC but chose not to pursue them, and contractual exemption clauses precluded liability. Accordingly the petition to wind up the Company succeeded.