Re Hong Kong Sports Industrial Development Ltd (Formerly Known As “Letv Sports Culture Develop (Hong Kong) Co Ltd”)

Judgment Date04 June 2018
Neutral Citation[2018] HKCFI 1309
Year2018
Judgement NumberHCCW66/2018
Subject MatterCompanies Winding-up Proceedings
CourtCourt of First Instance (Hong Kong)
HCCW66/2018 RE HONG KONG SPORTS INDUSTRIAL DEVELOPMENT LTD (formerly known as “LeTV Sports Culture Develop (Hong Kong) Co Ltd”)

HCCW 66/2018

[2018] HKCFI 1309

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING‑UP PROCEEDINGS NO 66 OF 2018

________________

IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap 32
and
IN THE MATTER of Hong Kong Sports Industrial Development Limited (香港體育產業發展有限公司)(formerly known as “LeTV Sports Culture Develop (Hong Kong) Co., Limited” (樂視體育文化產業發展(香港)有限公司))

________________

Before: Hon Harris J in Court
Date of Hearing: 4 June 2018
Date of Decision: 4 June 2018

____________________

D E C I S I O N

____________________

1. I have before me an amended winding-up petition that was issued on 12 March 2018 and amended on 25 April 2018. The debt relied upon by the petitioners arises pursuant to a settlement agreement dated 31 January 2017 (“Agreement”) between the petitioners, the Company, Le Holdings (Beijing) Co Ltd and LeTV Sports Culture Develop (Beijing) Co Ltd.

2. The Agreement contained terms resolving a dispute about the payment of a sum of US$40,600,000 to the petitioners. Essentially, the Agreement provided for payment of a reduced amount in accordance with an agreed instalment schedule. The Agreement provided for payments in four tranches, the last two tranches were not paid.

3. The Agreement provided in clause 1.5 that in the event of default in the payment of any of the instalments, the entire initial agreed amount less any payments received should become immediately due and payable. The petitioners have commenced an arbitration to obtain an award in their favour for this amount. In the meantime, however, they say that as clearly there is a significant sum payable which cannot be disputed they are entitled to issue the present petition.

4. The Company was given a 14-day extension of time to serve an affirmation in opposition on 16 May 2018. The affirmation that has been filed on behalf of the Company by Mr Zhang Lei, in my view, clearly does not explain why at least a sum of US$12,905,000 is not payable. It does not seem to me that the payment of at least that sum is an issue...

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2 cases
  • Dayang (Hk) Marine Shipping Co., Ltd v Asia Master Logistics Ltd
    • Hong Kong
    • Court of First Instance (Hong Kong)
    • 12 March 2020
    ...the Court should exercise its discretion to wind up the Respondent. 20. In Re Hong Kong Sports Industrial Development Limited [2018] HKCFI 1309, unreported, HCCW 66/2018, 4 June 2018, Harris J at §§3-5 “3. The Agreement provided in clause 1.5 that in the event of default in the payment of a......
  • VTB Bank (Public Joint Stock Co) v Anan Group (Singapore) Pte Ltd
    • Singapore
    • High Court (Singapore)
    • 19 November 2018
    ...case is Re: Hong Kong Sports Industrial Development Limited (formerly known as LeTV Sports Culture Develop (Hong Kong) Co. Limited) [2018] HKCFI 1309 (“HK Sports”), which was also decided by Harris J, and just several months after Lasmos. The parties entered into a settlement agreement whic......

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