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The Joint and Several Liquidators of Ding He Mining Holdings Ltd V.Hong Kong Media Enterprises Holdings Ltd

Read the full judgment text of HCCW 172/2018 on BabelCite. This High Court CFI judgment was delivered on 8 September 2021.

1. I have before me a summons dated 26 July 2021 by the Liquidators of the Company, Ding He Mining Holdings Limited, the Order sought is as follows:

Case No.HCCW 172/2018[2021] HKCFI 2737
Court
High Court CFI
Date08 Sep 2021
Judge—
Case Document
100%Judiciary

HCCW 172/2018

[2021] HKCFI 2737

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO 172 OF 2018

________________

 

IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)
 

and
 

IN THE MATTER of Ding He Mining Holdings Limited (the “Company”)

________________

Between

  The Joint and Several Liquidators of
Ding He Mining Holdings Limited		 Applicant

and
  Hong Kong Media Enterprises Holdings Limited Intended Respondent

________________

Before: Hon Harris J in Chambers

Date of Hearing: 8 September 2021

Date of Decision: 8 September 2021

__________________

D E C I S I O N

__________________


1.I have before me a summons dated 26 July 2021 by the Liquidators of the Company, Ding He Mining Holdings Limited, the Order sought is as follows:

“1. Leave for Hong Kong Media Enterprises Holdings Limited (‘HKME’) to be joined as the Respondent herein for the purposes of costs.

2. Leave to the Respondent to purchase, and the Company to sell, (i) 36,000,000 issued shares of CVM Magnesium Sdn Bhd (‘CVM’); and (ii) the entire indebtedness owed by CVM to the Company, for the consideration of HK$12,000,000.

3. Insofar as necessary for paragraph 2 hereinabove, the Liquidators do take all steps to effect the aforementioned sale and transfer.

4. Costs of and occasioned by this application to be paid by HKME.”

2.The application is necessary because it involves the acquisition by a member of the Committee of Inspection of some of the Company’s assets, namely, Hong Kong Media Enterprises Holdings Limited, the Respondent to the application[1]. The other two members of the Committee of Inspection support the sale of the shares referred to in [2] of the Order quoted above.

3.I do not think it is necessary to go into the commercial rationale of why the Liquidators, the Respondent and the other two members of the Committee of Inspection think that it is in the best interests of the liquidation of the Company for the sale to take place for the agreed consideration. It will suffice to say that it seems to me that the application is properly brought and I should make an order in the terms of the summons.

  (Jonathan Harris)
  Judge of the Court of First Instance
  High Court

Ms Natalie So, instructed by Gilbert Tang & Co, for the liquidators

Attendance of Wong & Lawyers, for the intended respondent, was excused


[1]  Rules 148, 151 of the Companies (Winding Up) Rules (Cap 32H); Order 62, rule 6A of the Rules of the High Court (Cap 4A).