THE JOINT AND SEVERAL LIQUIDATORS OF DING HE MINING HOLDINGS LTD v.HONG KONG MEDIA ENTERPRISES HOLDINGS LTD

HCCW 172/2018

[2021] HKCFI 2737

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO 172 OF 2018

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Between

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D E C I S I O N

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1.  I have before me a summons dated 26 July 2021 by the Liquidators of the Company, Ding He Mining Holdings Limited, the Order sought is as follows:

“1. Leave for Hong Kong Media Enterprises Holdings Limited (‘HKME’) to be joined as the Respondent herein for the purposes of costs.

2. Leave to the Respondent to purchase, and the Company to sell, (i) 36,000,000 issued shares of CVM Magnesium Sdn Bhd (‘CVM’); and (ii) the entire indebtedness owed by CVM to the Company, for the consideration of HK$12,000,000.

3. Insofar as necessary for paragraph 2 hereinabove, the Liquidators do take all steps to effect the aforementioned sale and transfer.

4. Costs of and occasioned by this application to be paid by HKME.”

2.  The application is necessary because it involves the acquisition by a member of the Committee of Inspection of some of the Company’s assets, namely, Hong Kong Media Enterprises Holdings Limited, the Respondent to the application[1]. The other two members of the Committee of Inspection support the sale of the shares referred to in [2] of the Order quoted above.

3.  I do not think it is necessary to go into the commercial rationale of why the Liquidators, the Respondent and the other two members of the Committee of Inspection think that it is in the best interests of the liquidation of the Company for the sale to take place for the agreed consideration. It will suffice to say that it seems to me that the application is properly brought and I should make an order in the terms of the summons.