Univision Engineering Share Discussion Threads

[noirua] 21/3/2023 09:30

October 2, 2006 - Leader Smart Engineering Shanghai Limited:

[noirua] 21/3/2023 08:15

Yes, if Univision leaves the LSE it's doubtful it will ever return. It seems SK will make the final decision here as he owns 72.9% of the company. Sadly leaving LSE: AIM would signal failure and no fight left in the company's Chairman - we shall see but the cliff edge draws ever closer.

[noirua] 17/3/2023 14:07

At 2.25p the market cap was only £0.86 million. It could be there have been some smaller orders not needed to be notified in an RNS. There are two fewer directors that should have reduced costs.

[noirua] 16/3/2023 11:08

Tick-tock - tick-tock - tick-tock

March 23, 2023 -- 8 days to go --- 6 full trading days to go.

Presently Univision Engineering Limited moves ever closer to a Hong Kong Private Trading Company.

[noirua] 08/3/2023 12:10

Yes I hope so. I already have one private company shareholding in Hong Kong, Leader Smart Holdings Limited. The latter has not updated it's website since 2016 which has raised suspicions presently under investigation.

[zangdook] 07/3/2023 15:58

I'm sure Mr Koo will do everything he can to avoid that rather than risk losing the listing. It really ought to be possible to complete the accounts now the winding-up petitions have both been dealt with.

[noirua] 07/3/2023 13:04

Count Down - Final Date for Annual Results under AIM market rules is 31 March 2023.

9 March 2023 - 22 days remaining - 16 Trading Days to go.

This means Univision Engineering Limited would become a Private Hong Kong Trading company on April 1, 2023.

[noirua] 16/2/2023 17:02

The Interim Results to September 30 are also due out with the Annual Results. It has been a difficult time for the company and MTR may have been unfair to Univision in the Covid circumstances.

[noirua] 16/2/2023 15:21

It seems I was unduly negative so Beechers Brook is jumped and the Chair so only the smaller obstructions to go and the run-in.

[knigel] 16/2/2023 14:37

Case Dismissed!!! So back from suspension soon?

[noirua] 13/2/2023 12:41

Last Wednesday was the date of the court case. So a decision should have been made by now or the company is aware of a positional proposition made to them.

[noirua] 06/2/2023 15:49

I suppose it depends on how specialist all this equipment is and whether it was installed for MTR. If it was and MTR has since paid Univision for the work there would be little UVEL could defend.

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Scheme of arrangement

There is no solvency requirement per se. However, in practice, the applicant to a creditors' scheme of arrangement will seek to demonstrate that the scheme is necessary to restructure the company's debts and that it is fair and beneficial to one or more classes of creditors. For instance, in a creditors scheme the applicant may try to show there is a real risk of default without the scheme and that the creditors would have a lower recovery in an insolvent liquidation scenario.

Reorganizations, restructurings and workouts

There is no solvency requirement. However, the answer to this question under the "Scheme of arrangement" section is repeated where the reorganization, restructuring or workout is by way of a scheme of arrangement.

[zangdook] 06/2/2023 13:51

It says "in respect of equipment supplied to the Company" which suggests they did receive it... In October they borrowed HK$12m which is almost the amount claimed. It was only borrowed for three months, so presumably it's been paid back, but if they still have access to that sort of credit, even if they lose in court, perhaps they can pay off the debt with a new loan and avoid being shut down. Fingers crossed.

[noirua] 06/2/2023 12:37

Univision may be waiting for the result of the winding up petition on or after 7 February 2023. The company has failed to say whether they received the equipment - if they did they are sunk. If they did not receive the equipment then they may well be successful - IMHO.

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Tomorrow looks to be either the day of the decision or the start of the Hearing.

[zangdook] 21/1/2023 13:29

I'm not happy that they only apologise for "inconvenience". They need to apologise for incompetence.

[noirua] 21/1/2023 13:24

Part of Message from HL Corporate Actions Group 20.01.2023: Thank you for providing the information regarding Leader Smart Holdings, off the back of this and further research we have done, we have decided to re-credit the shares.
This outcome is mainly due to information and prompting from #zangdook.

[noirua] 18/1/2023 15:51

HL have also put my shares back into my accounts and apologised for the inconvenience while they investigate further.

At this stage, I won't be doing anything further. Fortunately, I've met a person originally from China who is willing to translate my English into Mandarin so as to investigate further in China. It seems there are ways of doing things and not my way.

[zangdook] 17/1/2023 11:59

HL have put my LSH shares back in my account. No apology yet.

[noirua] 13/1/2023 23:26

No news as yet on anything - will post if some arrives - good luck.

[noirua] 03/1/2023 14:22

The Restructuring Review: Hong Kong
04 August 2022

[noirua] 03/1/2023 14:12

December 7, 2021
Introduction to Hong Kong winding-up regime


In contrast, compulsory winding-up takes place following a court order for the company to be wound up upon a petition presented by a creditor of the company.
Before the grant of a court order, a creditor must satisfy one of the statutory grounds set out in the CWUO, with the most common ground being the company’s failure to pay its debts.
Different from voluntary winding-up which is instigated internally, compulsory winding-up can be initiated by the debtor company, shareholders, liquidators, official receiver, the Registrar of Companies and, most commonly, creditors.
It is subject to a higher degree of external supervision and control, given the involvement of the court.

Pursuant to CWUO s.177, the court may make a winding-up order against a company if it is satisfied that one of the following grounds is made out:

The company has resolved by special resolution (which requires a majority of 75%) that the company be wound up by the court;
The company does not commence its business within a year from its incorporation or suspends its business for a whole year;
The company has no members;
The company is unable to pay its debts;
The event, if any, occurs whereby the memorandum and articles provide that the company is to be dissolved; or
The court is of the opinion that it is just and equitable that the company should be wound up.

The company being unable to pay its debts is the most common ground for invoking compulsory winding-up in Hong Kong. Under CWUO s.178, a company is considered unable to pay its debts if:

It is unable to satisfy a statutory demand for a debt of not less than HK$10,000 within three weeks from the date of the demand;
It is unable to satisfy a judgment against a company in part or in whole; or
It is proved to the satisfaction of the court that the company is unable to pay its debts.
The court will not make a winding-up order if it is satisfied that the debt upon which the petition is based is the subject of a bona fide dispute on substantial grounds.

[noirua] 03/1/2023 13:18

Univision may be waiting for the result of the winding up petition on or after 7 February 2023. The company has failed to say whether they received the equipment - if they did they are sunk. If they did not receive the equipment then they may well be successful - IMHO.