RE PROSPEROUS GLOBALCHINA HOLDING LTD

HCCW 279/2018

[2022] HKCFI 1988

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO 279 OF 2018

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D E C I S I O N

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1.  On 10 December 2018 I made an order for the winding-up of the Company. The Company’s assets consist of an interest in Prosperous GlobalChina Capital Limited and Master Fortune Investments Limited and debts owed by Prosperous GlobalChina and Master Fortune to the Company.

2.  By a summons dated 19 May 2022 the Liquidators seek an order from the court giving the Liquidators’ leave to sell the assets of the Company to the original Petitioner. The reason the application has been made is that the Petitioner is a member of the committee of inspection and leave is required pursuant to rules 148 and 150 of the Companies (Winding Up) Rules.

3.  The economic value of the Company’s assets lies in the property that is ultimately owned by it in the United Kingdom. The Company’s interest in the property and the debts are to be sold for £11,275,586.83. The sale has been objected to by one member of the committee of inspection; Ms Li who opposed the winding-up petition. It would appear that her objection is driven by the animus to the ultimate owner of the Petitioner Dr Chen which is referred to in my decision dated 10 December 2018. I understand Ms Li, who has not appeared before the court today, does not suggest that the sale of the Company’s assets would be at an undervalue or for some other reason that it is not in the best interests of the creditors.

4.  In the circumstances I can see no reason not to sanction the proposed sale and I will make an order in the terms of [1]–[3]. Costs of the application be reserved.