Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Settlement between shareholders

Legal area

Court

8 Feb 2006

RE BOLDWIN CONSTRUCTION CO. LTD.

Citation

RE BOLDWIN CONSTRUCTION CO. LTD.
Court

Court of First Instance
Case number

HCCW340/2002

Given the comprehensive settlement between the shareholders, the documented creditor support and conditional agreements with major employers that would restore solvency, the court concluded that dismissal of the winding-up petitions and discharge of the provisional liquidators was appropriate; creditors' interests were not shown to be prejudiced and they retain the ability to petition in future if unpaid.
8 Feb 2006

RE MYRIAD GOLD CORPORATION

Citation

RE MYRIAD GOLD CORPORATION
Court

Court of First Instance
Case number

HCCW346/2002

The petitions were dismissed and provisional liquidators discharged because the court was satisfied there was a bona fide settlement between the shareholders which, together with conditional settlements with major employers and the provisional liquidators' own reports indicating likely solvency or sufficient recoveries, meant creditors' interests would not be prejudiced and dismissal would avoid wasteful costs and multiplicity of proceedings.