Tung Kee Garden Horticulture Ltd v. Sunlight Construction Co Ltd
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HCCW 455/2007 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES (WINDING-UP) NO. 455 OF 2007 ----------------------
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---------------------- Before: Hon Kwan J in Chambers Date of Hearing: 10 December 2008 Date of Decision: 10 December 2008 ----------------------- D E C I S I O N ---------------------- 1.This is an application made by Tung Kee Garden Horticulture Limited for an order to stay permanently all proceedings in respect of the winding-up order made against Sunlight Construction Company Limited (“the Company”) on 19 December 2007. 2.The applicant is the petitioning creditor in the winding-up proceedings. The ground for staying the winding-up proceedings is that a settlement has been reached between the Company and the applicant for the payment of the applicant’s debt. 3.I understand from the provisional liquidators for the Company that in May 2008 they received from a director of the Company, a cheque payable to the Official Receiver in the amount of $406,000, which is equivalent to the amount of the liabilities of the Company according to the statement of affairs filed by the director in April 2008. The liabilities are made up of a sum of $6,000 being audit fee and contingent liabilities due to the applicant of $400,000. No proofs of debt have been lodged by any creditor of the Company. 4.Under the terms of settlement, it would appear that the applicant is to pay the costs of the Official Receiver and of the provisional liquidators in this liquidation. So there would be no outstanding liabilities for the Company. The provisional liquidators have submitted to the Official Receiver Form D2 (Final) on 12 September 2008, stating that they are not aware of any matters which would require them to report under section 168I(3) of the Companies Ordinance, Cap. 32 or a report on all of the directors of the Company. 5.It would be appropriate in the circumstances to exercise my discretion to stay the winding-up proceedings altogether. I therefore make an order in terms of paragraphs 1 to 3 of the summons. I further order the petitioner to deliver a sealed copy of this order to the Registrar of Companies within seven days hereof.
Miss Lam Pui King, of Messrs Lam Pui King & Co, for the Petitioner Mr. Li Man Wai, one of the Joint and Several Provisional Liquidators, appearing in person |