Re Guangzhou Electronic Ltd
Read the full judgment text of HCCW 861/2003 on BabelCite. This High Court CFI judgment was delivered on 13 October 2003.
1. This is a petition to wind up Guangzhou Electronic Limited ("the Company") on the petition of the Bank of China (Hong Kong) Limited. The petitioner presented this petition as the successor corporation of the Kwangtung Provincial Bank Limited. The petition is presented on the basis of a judgment debt in the sum of HK$10,787,982.41 and US$161,292.55 with interest and costs obtained on 13 December 2002 in HCMP No. 4374 of 2001. A demand for the debt was served on the Company on 28 January 2003 a
|
HCCW000861/2003 HCCW 861/2003 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES (WINDING-UP) NO. 861 OF 2003 ____________
____________ Coram: Hon Kwan J in Court Date of Hearing: 13 October 2003 Date of Judgment: 13 October 2003 _______________ J U D G M E N T _______________ 1.This is a petition to wind up Guangzhou Electronic Limited ("the Company") on the petition of the Bank of China (Hong Kong) Limited. The petitioner presented this petition as the successor corporation of the Kwangtung Provincial Bank Limited. The petition is presented on the basis of a judgment debt in the sum of HK$10,787,982.41 and US$161,292.55 with interest and costs obtained on 13 December 2002 in HCMP No. 4374 of 2001. A demand for the debt was served on the Company on 28 January 2003 and the petition herein was filed on 8 August 2003. 2.The Company has filed an affirmation on 6 October 2003 seeking an adjournment of 6 weeks. It would appear from that affirmation and from the submissions of Mr Lam who appeared on behalf of the Company today that the petitioning debt is not in dispute. The only ground for seeking the adjournment is that the parties were in negotiation. According to the affirmation of the Company, there was a meeting between the parties on 18 September 2003 and the Company had made an offer to the petitioner. It was also stated in the Company's affirmation that it is the subsidiary of a substantial company in the Mainland known as the Guangzhou Electronic (Group) Company Limited. 3.One day after the Company filed this affirmation, the petitioner filed an affirmation stating that no settlement agreement has been reached. I was informed by Mr Chan who appeared for the petitioner today that the petitioner does not intend to enter into any further settlement negotiation with the Company. 4.That being the position, I see no good reason why I should adjourn this petition as there is no reasonable prospect of any settlement being reached between the Company and the petitioner. 5.As the petitioning debt is not in dispute, I make a winding-up order against the Company. The petitioner's costs are to be paid out of the Company's assets.
Representation: Mr Jeremy S K Chan, instructed by Messrs Tsang, Chan & Wong, for the Petitioner Mr Douglas Lam, instructed by Messrs Mallesons Stephen Jaques, for the Company Miss Vivian Yeung, for the Official Receiver |