CHINACULTURE.COM LTD v. CNT GROUP LTD

CHINACULTURE.COM LTD v. CNT GROUP LTD

Leave to commence the derivative action was granted with the agreement of the company; the s724 petition will be withdrawn and the court directed a detailed timetable and case management regime for the derivative action, reserving costs to be determined at the trial.

Citation
CHINACULTURE.COM LTD v. CNT GROUP LTD
Parties
Petitioner and Plaintiff: CHINACULTURE.COM LIMITED; 1st Respondent: PRIME SURPLUS LIMITED; 2nd Respondent and Defendant: CNT GROUP LIMITED
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 December 2017
Case Number
HCMP2548/2017
Procedural Posture
Companies Ordinance Proceedings (s724 Petition and S733 Derivative Action) / Case Management Conference (directions for Trial)
Outcome
Leave granted to commence the derivative action; s724 petition to be withdrawn; detailed directions issued for pre-trial steps and expert evidence; costs reserved to the trial of the derivative action.
Legal Topics
Derivative Action, Company Petition, Leave to Commence Derivative Proceedings, Case Management, Costs
Source Language
EN
Company Law Civil Procedure Corporate Litigation Derivative Action Company Petition Leave to Commence Derivative Proceedings Case Management Costs

Case Brief

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Parties

CHINACULTURE.COM LIMITED

Petitioner and Plaintiff

PRIME SURPLUS LIMITED

1st Respondent

CNT GROUP LIMITED

2nd Respondent and Defendant

Procedural Posture

Companies Ordinance Proceedings (s724 Petition and S733 Derivative Action) / Case Management Conference (directions for Trial)

Legal Issues

  1. 1 Whether leave should be granted to commence a derivative action under section 733 of the Companies Ordinance
  2. 2 Disposition of an existing petition under section 724 once leave is granted
  3. 3 Appropriate case management directions and timetable

Ratio Decidendi

Leave to commence the derivative action was granted with the agreement of the company; the s724 petition will be withdrawn and the court directed a detailed timetable and case management regime for the derivative action, reserving costs to be determined at the trial.

Court Disposition

Leave granted to commence the derivative action; s724 petition to be withdrawn; detailed directions issued for pre-trial steps and expert evidence; costs reserved to the trial of the derivative action.

Orders

  • Writ to be issued by 4:30 pm on 15 December 2017 (assumption for directions)
  • Defence to be filed and served by 5:00 pm on 5 January 2018