Re Interact Contracting Co. Ltd.
Read the full judgment text of HCCW 1182/2002 on BabelCite. This High Court CFI judgment was delivered on 13 January 2003.
1. This is a petition to wind up Interact Contracting Co. Ltd ("the Company") presented by Hongkong and Shanghai Banking Corporation Limited on the ground that the Company is unable to pay its debts.
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HCCW001182/2002 HCCW 1182/2002 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES (WINDING-UP) NO. 1182 OF 2002 ____________
____________ Coram: Hon Kwan J in Court Date of Hearing: 13 January 2003 Date of Judgment: 13 January 2003 _______________ J U D G M E N T _______________ 1.This is a petition to wind up Interact Contracting Co. Ltd ("the Company") presented by Hongkong and Shanghai Banking Corporation Limited on the ground that the Company is unable to pay its debts. 2.As at 30 May 2002, the Company is indebted to the petitioner for HK$27,917,663.72 regarding facilities advanced to the Company and to Interact (China) Design & Contracting Co. Ltd for which the Company is jointly liable. A statutory demand was served on the Company on 14 May 2002. The indebtedness of the Company was secured in part by an Assignment of Receivable dated 9 April 2002 given by the Company in favour of the petitioner. The estimated value of this security constituted by way of the assignment is HK$8,935,410.06. 3.The petition presented on 26 October 2002 is in respect of the unsecured part of the debt, in the sum of HK$18,982,253.66. The only ground of opposition advanced by the Company is that there are two properties mortgaged by a third party, Uni-Zone Holdings Ltd, a company associated to the Company, to secure the indebtedness of the Company to the petitioner and that receivers have been appointed by the petitioner in respect of those properties. 4.As I have stated to the counsel for the Company, the security provided by a third party is irrelevant to my consideration. I see no valid ground for opposing the petition. In the circumstances, I make a winding-up order against the Company and I order that the petitioner's costs are to be paid out of the Company's assets.
Representation: Miss Teresa Wu, instructed by Messrs Johnson, Stokes & Master, for the Petitioner Mr Louis Tong, instructed by Messrs C W Yuen & Co., for the Company Ms P McKenna for the Official Receiver |