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Re Sure Lead Ltd

Judgment Cited authorities 1 Cited in Precedent Map Related
Vincent
Judgment Date08 May 2020
Neutral Citation[2020] HKCFI 932
Judgement NumberHCCW7/2020
Subject MatterCompanies Winding-up Proceedings
CourtCourt of First Instance (Hong Kong)
HCCW6/2020 RE SURE LEAD LTD

HCCW 6/2020 & HCCW 7/2020
(HEARD TOGETHER)
[2020] HKCFI 932

HCCW 6/2020

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING‑UP PROCEEDINGS NO 6 OF 2020

____________________

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

and

IN THE MATTER of Sure Lead Limited (領致有限公司) (Company No. 2296674)

____________________

AND HCCW 7/2020

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING‑UP PROCEEDINGS NO 7 OF 2020

____________________

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

IN THE MATTER of Sure Lead Limited (領致有限公司) (Company No. 2296674)

____________________

(HEARD TOGETHER)

Before: Hon Harris J in Chambers

Dates of Hearing: 8 May 2020

Date of Decision: 8 May 2020

______________

D E C I S I O N

______________

1. I have before me applications for validation orders under s182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap 32, in both petition proceedings intended to allow the Company to pay the unpaid debts relied on by the petitioner as proving insolvency. The debts arise from a judgment given on the 2 December 2019 in a High Court Action against the two companies. On 5 December 2019, the Petitioners served two statutory demands in respect of the judgment debts. During December correspondence was exchanged between solicitors in which the Company requested the Petitioners to withhold commencing winding-up proceedings as it proposed to appeal the judgments. On 6 January 2020, the Petitioners presented the petitions. On 14 April 2020, the Company made a proposal to pay the petitioners US$400,000 to hold as stakeholders pending the resolution of the appeals. This was a little less than the amount of the judgment debts and took into account what was anticipated by the Company to be the value of a costs order made in the High Court Action in their favour. On 20 April 2020, the parties having failed to reach an agreement for monies to be held by the Petitioners as stakeholders pending the determination of the appeals, the Company proposed that the Petitioners agree to validation orders being made in order that the amount of the judgment debts could be paid and the petitions, which have been advertised, dismissed. The Petitioners have declined to agree to the validation orders.

2. The Petitioners are liquidators. One would have thought that it having been made clear by the Company that it wishes to settle the debts the Petitioners would have been keen to agree and obtain payment. It would appear from Ms Fong’s skeleton argument and her answers to my questions that the Petitioners’ position is that the Company having failed to pay the statutory...

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