27 Aug 2015
On a provisional view the company is solvent (bank balance over HK$5m) and the petitioner failed to establish that the disposition of company property was likely to prejudice unsecured creditors; therefore a s182 validation order is appropriate and should be granted, with costs awarded to the petitioner for failing to act reasonably.
27 Jul 2005
On the material before the court the petitioner established a good prima facie case that the Company was insolvent and there were sufficient grounds to appoint provisional liquidators to preserve assets, secure receipts, verify payments and investigate alleged misappropriation; the validation summons lacked satisfactory evidence and is dismissed.
24 Jan 2003
The court held that section 182 empowers it to grant interim validation relief prior to a final conclusion on solvency; having considered the materials and competing allegations, it exercised its discretion to permit the company to continue ordinary business on strict conditions (cap on payments, reporting obligations and undertakings by shareholders) and ordered costs accordingly.
23 May 2002
Although petitioners established a good prima facie case for winding-up based on alleged illegality and mismanagement, the court refused to appoint a provisional liquidator because the Association was financially healthy with substantial net assets and cash, there was no imminent risk of asset depletion or urgency, management continued to operate day-to-day, validation orders were adequate for interim needs and there was no positive reason or necessity to displace management pending the petition hearing; validation order for specified items was granted instead.