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Re Master Glory Group Ltd

Judgment Cited authorities 2 Cited in Precedent Map Related
Vincent
Judgment Date01 June 2020
Neutral Citation[2020] HKCFI 1141
Year2020
Judgement NumberHCCW364/2019
Subject MatterCompanies Winding-up Proceedings
CourtCourt of First Instance (Hong Kong)
HCCW363/2019 RE MASTER GLORY GROUP LTD

HCCW 363/2019, HCCW 364/2019 and HCCW 365/2019
(HEARD TOGETHER)

[2020] HKCFI 1141

HCCW 363/2019

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING‑UP PROCEEDINGS NO 363 OF 2019

____________________

IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)

and
IN THE MATTER of Master Glory Group Limited (凱華集團有限公司) (carrying on business in Hong Kong as “275凱華集團”)

____________________

AND HCCW 364/2019

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING‑UP PROCEEDINGS NO 364 OF 2019

____________________

IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)

and
IN THE MATTER of Master Glory Group Limited (凱華集團有限公司) (carrying on business in Hong Kong as “275凱華集團”)

____________________

AND HCCW 365/2019

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING‑UP PROCEEDINGS NO 365 OF 2019

____________________

IN THE MATTER of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)

and

IN THE MATTER of Master Glory Group Limited (凱華集團有限公司) (carrying on business in Hong Kong as “275凱華集團”)

____________________

(HEARD TOGETHER)

Before: Hon Harris J in Court
Date of Hearing: 1 June 2020
Date of Decision: 1 June 2020

_______________

D E C I S I O N

_______________

1. I have before me three Petitions to wind up Master Glory Group Limited (“Company”) which is listed on the Main Board of the Stock Exchange of Hong Kong Limited with stock code: 275. Each petition was issued on the 22 November 2019. In respect of each petition a statutory demand had been issued in October 2019. The Petitioners are related companies.

2. The Company has not filed any evidence in opposition to the three Petitions. This morning the Company’s counsel handed up to the Court a brief affirmation of a director and shareholder of the Company seeking an adjournment of the Petitions. The reason said to justify the application is attempts that are being made in the Mainland by the principal shareholder of the Company to realise assets with a view to settling the Company’s debts.

3. Producing an affirmation more than six months after the Petition is issued, and on a Monday morning is evidently unsatisfactory. Further, the affirmation itself is short on detail and manifestly inadequate. The Court has not even been told what the current financial position of the Company is, or had produced to it the most recent audited financial statements. The Company also produced a letter dated this morning attaching to it, what purports to be letters from a series of creditors who support an adjournment. It seems to me that in...

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