RELIANCE CREDIT LTD (formerly known as ASSET BRIDGE DEVELOPMENT LTD) v. CARNIVAL GROUP INTERNATIONL HOLDINGS LTD

HCCW 66/2021

[2021] HKCFI 2133

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO 66 OF 2021

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	IN THE MATTER OF Carnival Group International Holdings Limited
	and
	IN THE MATTER OF section 177(1)(d) and 178(1)(a) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)

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BETWEEN
	RELIANCE CREDIT LIMITED (formerly known as ASSET BRIDGE DEVELOPMENT LIMITED)	Petitioner
and
	CARNIVAL GROUP INTERNATIONL HOLDINGS LIMITED	Respondent

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Before: Hon Harris J in Court

Date of Hearing: 19 July 2021

Date of Decision: 19 July 2021

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D E C I S I O N

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1.  The present petition was issued on 10 February 2021 seeking the winding up of the Company on the grounds of insolvency. At the time it was issued, there was already an existing petition against the Company. For the reasons explained in my decision in Re Grand Peace Group Holdings Limited[1], the present petition should not have been issued.

2.  I understand that the Petitioner was informed of the earlier petition and that it needed to address the procedural irregularity as early as February.  It has failed to do so.  In the circumstances the appropriate course is to dismiss the petition and order that the Petitioner pays the Company’s costs along with those of the Officer Receiver.

3.  I would note in passing, although this is not a matter that I have to address that the petition is in any event demurrable.  The Company is incorporated in Bermuda and no facts or matters appear in the petition demonstrating how the three core requirements are satisfied.

(Jonathan Harris) Judge of the Court of First Instance High Court

Mr Damian Wong, instructed by Hobson & Ma, for the petitioner

Mr Look Chan Ho, instructed by WT Law Offices, for the respondent

Attendance of ONC Lawyers, for the supporting creditors (Zhang Jingchu), was excused

Attendance of Clyde & Co., for the supporting creditors (Credit Suisse AG), was excused

Attendance of Chiu, Szeto & Cheng, for the supporting creditors (Zhang Yan), was excused

Mr Raymond Kong, instructed by Official Receiver’s Office, for the Official Receiver