Sang Sang Finance & Investment Ltd. v. Chuen Hing Construction Co. Ltd.
Read the full judgment text of HCCW 488/2002 on BabelCite. This High Court CFI judgment was delivered on 30 August 2002.
1. These two petitions were brought on the basis of two judgment debts which amount to about $1.1 million. Together with the claims of other creditors, total amount of indebtedness known to the petitioners may be as much as $6.6 million odd. Some of the other creditors have given notice that they would appear to support the petitions. Included in this total debt is the preferential debt of the company's former workers of about $2.2 million.
Cites 2 cases
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HCCW000488/2002 HCCW 488/2002 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES WINDING-UP PROCEEDINGS NO. 488 OF 2002 ____________
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IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES WINDING-UP PROCEEDINGS NO. 776 OF 2002 ____________
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(Heard Together) ____________ Coram: Hon Chung J in Chambers Date of Hearing: 30 August 2002 Date of Decision: 30 August 2002 _____________ D E C I S I O N _____________ 1.These two petitions were brought on the basis of two judgment debts which amount to about $1.1 million. Together with the claims of other creditors, total amount of indebtedness known to the petitioners may be as much as $6.6 million odd. Some of the other creditors have given notice that they would appear to support the petitions. Included in this total debt is the preferential debt of the company's former workers of about $2.2 million. 2.In these circumstances, I agree with the Official Receiver's argument that cogent evidence as to the general solvency of the company is essential to today's applications (which ask for "validation" orders to be made pursuant to s. 182 of the Companies Ordinance (Cap. 32)). This is because if the company is unable to pay off the creditors, or at least make a satisfactory arrangement with them within a relatively short time, there is a high likelihood that the company will be wound up shortly, quite possibly on 9 September 2002 by the companies judge. 3.For this reason, I do not find it appropriate to make any order in relation to today's applications. They are accordingly dismissed.
Representation: Miss C Ngo, instructed by Messrs Peter C Wong, Chow & Chow, for the Petitioner in HCCW 488/2002 Mr Kong Kok Lung, instructed by Messrs Li, Wong & Lam, for the Petitioner in HCCW 776/2002 Mr Richard Leung, instructed by Messrs Yuen & Partners, for the Respondent in HCCW 488/2002 and HCCW 776/2002 Miss C Yen, of Messrs Fairbairn Catley Low & Kong, for the Supporting Creditor (Pro-Fire Limited) in HCCW 488/2002 Miss Sara Chung, of Official Receiver in HCCW 488/2002 and HCCW 776/2002 |
Cases cited in this judgment
Further hearings and rulings under HCCW 488/2002