Re China Oceanwide Group Limited  HKCFI 455; HCCW 100/2022
Mar 24, 2023
Ronald and Linda, with Mr Danny Chan, successfully resisted a Winding-up Petition, appearing on behalf of China Oceanwide Group Limited, a Hong Kong subsidiary of a Chinese conglomerate, the Oceanwide Group.
The Petitioner contended the Company was indebted to the Petitioner in the amount payable under some Guarantee Senior Notes governed by an Indenture in which the Company is the Hong Kong Parent Guarantor. The Petitioner argued it is a downstream purchaser of the Notes, an equitable assignee and a contingent creditor of the debt, who holds the beneficial or “book-entry” interest of the Notes through its account at a participant with a Clearing System Euroclear.
The Company’s stance was that the Petitioner has no locus standi to present the Petition on the basis that it is not a “Holder” as specified in the Indenture and there is no evidence that shows the Petitioner has been registered as a “Holder”. Further, the Company argued that the conditions precedent stipulated in the Indenture for presenting a winding up petition against the Company has not been satisfied.
The Court concluded the Petition is liable to be struck out as the Petitioner is not a creditor of the Company. As such, the Court would not consider the evidence filed to decide whether the company is insolvent.
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