Re Daily Win Engineering Ltd

HCCW 344/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 344 OF 2004

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Before: Hon Kwan J in Chambers

Date of Hearing: 15 December 2004

Date of Decision: 15 December 2004

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D E C I S I O N

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1.This is a summons issued by the liquidators of Daily Win Engineering Limited (“the Company”) under section 209A of the Companies Ordinance, Cap. 32, for an order that the compulsory liquidation of the Company be converted to a creditors’ voluntary winding up.  The summons was served on the Official Receiver.

2.A creditor’s petition was presented to wind up the Company on 19 March 2004.  The winding-up order was made upon the petition on 26 July 2004 and the Official Receiver was the provisional liquidator.  The liquidators were appointed by an order dated 4 October 2004.

3.The first meeting of creditors was held on 27 August 2004.  It was resolved inter alia that the winding up of the Company be conducted as if it were a creditors’ voluntary winding up under section 209A.

4.On 3 September 2004, at the adjourned first meeting of contributories, a resolution was also passed for the conversion of the compulsory winding up to a creditors’ voluntary winding up.

5.The main reason for this was to save the costs of the Official Receiver.

6.A statement of affairs has been submitted by the directors on 17 September 2004.  The known assets of the Company consisted of the Company’s office equipment and an award in an arbitration of the estimated sum of HK$3.4 million.  As for liabilities, 26 proofs of debt in the aggregate sum of about HK$11.3 million have been received.

7.The liquidators have filed an affirmation dealing with the matters to which the court would have regard in section 209A(2).  They are not aware of any matters of public concern which would require investigation in this liquidation.

8.The Official Receiver does not take any position on this application and has not appeared. 

9.In the circumstances, I will grant the application and order that the compulsory winding up be converted to a creditors’ voluntary winding up.  The costs of and occasioned by this application are to be treated as liquidation expenses of the Company.  

Mr Ivan Cheung, instructed by Messrs K H Lam &Co., for the Applicants

The Official Receiver, absent