Read the full judgment text of HCCW 389/1998 on BabelCite. This High Court CFI judgment was delivered on 1 December 2006 before Kwan J.
Companies – winding-up – removal of liquidator – Official Receiver's application under section 196(1) of the Companies Ordinance, Cap. 32 and rule 48(2) of the Companies (Winding-up) Rules – whether cause shown to remove liquidator – repeated and persistent failure to perform statutory duties and comply with court orders – section 196(1) confers wide discretion and Official Receiver has locus – rule 48(2) permits removal for failure to keep up security – Re Liote Property Management Limited [2006] 2 HKLRD 106 followed – court's control over a winding up by the court is comprehensive – Re Kansa General International Insurance Company Limited [1999] 3 HKLRD 94 applied – liquidator removed as not fit and proper – replacement liquidators from Baker Tilly Hong Kong Business Recovery Limited appointed – liquidator's fees disallowed in view of serious dereliction in duty but disbursements allowed – liquidator required to return interim payment of HK$716,353.11 less allowed disbursements – costs of HK$83,000.00 ordered against the liquidator – liberty to apply.
Legal issues: Removal of liquidator for cause shown · Disallowance of liquidator's fees and repayment of interim payment
Outcome: Mr Steven Todd Krause removed as liquidator of Well Bond Group Limited; his fees disallowed; required to return interim payment of HK$716,353.11 less allowed disbursements; costs of HK$83,000.00 ordered against him.
Cited by 68 cases