The Petitioners are a group of lenders in a syndicated loan arrangement. The loan had been in default for some time and the Petitioners sought a winding up of the debtors, Rightway China Real Estate Limited and Dash Limited.
The fundamental question which the Court had to decide was whether the Petitioners had standing under the finance documents to seek a winding up of the borrowers and its guarantor when the majority of the lenders by value are opposed to that course and in circumstances where the creditors had agreed that a foreign court (Hong Kong) has exclusive jurisdiction to decide questions of law arising from the finance documents according to the Law of Hong Kong.
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In the Matter of the Companies Law (2013 Revision) and in the Matter of Rightway China Real Estate Limited and in the Matter of the Companies Law (2013 Revision) and in the Matter of Dash Limited, Cause Nos. FSD 130 and 131 of 2013, per Henderson J