WAH WO ALUMINIUM WORK COMPANY LTD v. PAUL Y. BUILDERS LTD

HCCW 12/2025

[2026] HKCFI 3619

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP)  PROCEEDINGS NO. 12 OF 2025

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J U D G M E N T

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1.  By a petition presented on 8 January 2025, the Petitioner (Wah Wo Aluminium Work Company Limited)  seeks to wind up the Company on the ground that it is unable to pay its debts.

2.  The Company was incorporated in Hong Kong under the former Companies Ordinance (Cap 32)  on 11 August 1989.  The Petitioner is a sub-contractor engaged by the Company.  The Petition was presented as a result of the failure of the Company to satisfy a statutory demand for HK$2.8 million odd, which was the total amount owed by the Company to the Petitioner under two sub-contracts.  

3.  On 21 February 2025, Mr Jong Yat Kit and Mr So Man Chun were appointed joint and several provisional liquidators of the Company (“Provisional Liquidators”).

4.  The petition is supported by six creditors.  The hearing of the petition was originally fixed before the Companies Judge on 28 April 2025, but has been adjourned for four times upon the application of the Provisional Liquidators.

5.  In January 2026, the Provisional Liquidators, the Company and an investor entered into a binding restructuring framework agreement for the investor to acquire the Company’s construction licences.  However, that agreement was terminated in April 2026 as a result of the investor’s failure to comply with its payment obligations.  There is no other investor who is willing to acquire the Company’s construction licences.  Accordingly, the Provisional Liquidators take the view that it is in the best interest of the Company’s creditors to wind up the Company’s affairs, expedite recovery action and facilitate cost-effective realisation of the Company’s assets under a formal winding up of the Company.

6.  The Company is indisputably insolvent and no longer has any prospect of being rescued.  Both the Petitioner and the Provisional Liquidators agree that the Company should be wound up.

7.  In these circumstances, I make the usual winding up order against the Company.