IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
COURT OF FIRST INSTANCE
COMPANIES (WINDING-UP) NO.1379 OF 2001
Coram: Hon Kwan J in Chambers
Date of Hearing: 1 November 2002
Date of Decision: 1 November 2002
D E C I S I O N
1. This is an application taken out by Maizy Agency Limited for a validation order under s. 182 of the Companies Ordinance, Cap. 32.
2. The payment in question related to a payment made by Fiveoceans Supply Services Limited (in liquidation) (“the Company”) to the applicanton 3 January 2002 for the purchase of a quantity of aircraft brackets. There is evidence before me that prior to this transactionthe applicant had been doing business with the Company since April 2001, and that the sale and purchase of goods was made on CODterms. In respect of the transaction in question, I am satisfied on the evidence that the goods were sold to the Company at the marketprice and that it was made in the ordinary course of business of the Company.
3. The petition herein was presented on 20 December 2001 and advertised on 12 April 2002. I accept the evidence of the applicant thatit was not aware of the presentation of the winding-up petition, when it sold the goods to the Company in January this year. I shouldadd that a winding-up order was made on 29 April 2002.
4. I understand from the liquidators they do not oppose the present application although they would insist that a validation order beobtained from the court by the applicant.
5. In the circumstances, I make the following order:
6. Regarding the costs of this application, I order that the applicant’s costs be paid out of the Company’s assets and that such costsbe given priority after the taxed costs of the petition and after the liquidators’ remuneration.
Mr Adex Tsui, instructed by Messrs Y S Lau & Partners, for the applicant
Mr K Ho, of Messrs Wilkinson & Grist, for the liquidators