4 May 2005
STANDARD CHARTERED BANK (HONG KONG) LTD v. SURPLUS TRADER LTD
- Citation
- STANDARD CHARTERED BANK (HONG KONG) LTD v. SURPLUS TRADER LTD
- Court
- Court of First Instance
- Case number
- HCCW827/2004
The court refused the validation orders because the provisional liquidators' evidence established that Surplus Trader had no usable assets and Sino Trade Asia had only about HK$81,000 available, insufficient to fund the defence; the companies appeared insolvent with no ongoing business and the use of remaining funds would not be in the interests of creditors as a whole, nor would it serve any commercial purpose or provide realistic prospect of avoiding a winding-up order.