TAN MAN KOU AND ANOTHER v. CHIME CORPORATION LTD AND OTHERS

TAN MAN KOU AND ANOTHER v. CHIME CORPORATION LTD AND OTHERS

Application for appointment of receivers and managers refused: administrators did not establish sufficient new and compelling evidence of an increased risk of dissipation to justify the extreme remedy given the effective protective regime already in place, the severe commercial prejudice and potentially...

Source-derived case information.

Citation
TAN MAN KOU AND ANOTHER v. CHIME CORPORATION LTD AND OTHERS
Parties
Joint Administrator Pendente Lite of the Estate of Wang Teh Huei (petitioner): Tan Man Kou; Joint Administrator Pendente Lite of the Estate of Wang Teh Huei (petitioner): Cheung Yat Ming; 1st Respondent: Chime Corporation Limited; 2nd Respondent: Nina Kung alias Nina T H Wang; 3rd Respondent: Kung Yan Sum (formerly known as Gong Xian Xin); 4th Respondent: Forum Ever Limited; 5th Respondent: Focus Profit Limited; 6th Respondent: Liu Yuan Chun; 7th Respondent: Joseph Wing Kong Leung; 8th Respondent: Chan Kam Por; 9th Respondent: Kwok Ki Li
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
25 June 2003
Case Number
HCMP4146/2001
Procedural Posture
Companies Petition Under Companies Ordinance (s.168 A) Concerning Chime Corporation Limited and Estate Administration / Interlocutory Application for Appointment of Receivers and Managers (hearing on Application; Decision Refusing Interim Receivership)
Outcome
Application dismissed (refused)
Legal Topics
Appointment of Receivers, Interim Relief/american Cyanamid Principles, Unfair Prejudice/section 168 a Petition, Mareva Type Undertakings and Disclosure, Cross Undertaking in Damages, Conflict of Interest of Proposed Officers
Source Language
en
Company Law Probate Insolvency Civil Procedure Commercial Law Appointment of Receivers Interim Relief/american Cyanamid Principles Unfair Prejudice/section 168 a Petition +3 more

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Parties

Tan Man Kou

Joint Administrator Pendente Lite of the Estate of Wang Teh Huei (petitioner)

Cheung Yat Ming

Joint Administrator Pendente Lite of the Estate of Wang Teh Huei (petitioner)

Chime Corporation Limited

1st Respondent

Nina Kung alias Nina T H Wang

2nd Respondent

Kung Yan Sum (formerly known as Gong Xian Xin)

3rd Respondent

Forum Ever Limited

4th Respondent

Focus Profit Limited

5th Respondent

Liu Yuan Chun

6th Respondent

Joseph Wing Kong Leung

7th Respondent

Chan Kam Por

8th Respondent

Kwok Ki Li

9th Respondent

Procedural Posture

Companies Petition Under Companies Ordinance (s.168 A) Concerning Chime Corporation Limited and Estate Administration / Interlocutory Application for Appointment of Receivers and Managers (hearing on Application; Decision Refusing Interim Receivership)

Legal Issues

  1. 1 Whether administrators may re-apply for receivers after earlier interlocutory relief refused
  2. 2 Whether new evidence justifies appointment of receivers and managers
  3. 3 Whether there is a sufficiently grave risk of dissipation of the estate's assets

Ratio Decidendi

Application for appointment of receivers and managers refused: administrators did not establish sufficient new and compelling evidence of an increased risk of dissipation to justify the extreme remedy given the effective protective regime already in place, the severe commercial prejudice and potentially irrecoverable loss to Chime and third parties, and the cross-undertaking offered was inadequate; balance of convenience therefore favoured refusal.

Court Disposition

Application dismissed (refused)

Orders

  • Application for appointment of receivers and managers dismissed
  • Administrators to pay costs of Chime, Mrs Wang and Mr Kung in any event; certificate for two counsel for Chime and three counsel for Mrs Wang