SUN LEGEND INVESTMENTS LTD v. HO YUK WAH, DAVID AND OTHERS

SUN LEGEND INVESTMENTS LTD v. HO YUK WAH, DAVID AND OTHERS

Having exercised the court's discretion and on the evidence adduced (HSBC letter showing banking facilities charged at 3% over the bank's best lending rate) and the lack of contrary evidence from the developers, the developers were ordered to pay interest at 3% over HSBC's best lending rate from 6 June 2002 to the date of judgment and thereafter at the Judgment rate until full payment; costs of the summons to vary the costs order nisi were ordered to the Firm, the Plaintiffs must pay the Firm's costs of the written submissions, sundry wasted costs for the 20 October 2009 hearing were ordered to the Plaintiffs, and judgment was to be entered in favour of Jade Ho and the Firm.

Citation
SUN LEGEND INVESTMENTS LTD v. HO YUK WAH, DAVID AND OTHERS
Parties
Plaintiff (original Action HCA 1212/2002); Defendant (by Counterclaim HCA 1212/2002): Sun Legend Investments Limited; Defendant (by Counterclaim HCA 1212/2002); Defendant (3rd Defendant by Counterclaim HCA 2915/2002): New World Development Co Ltd; Plaintiff (original Action HCA 2915/2002); Defendant (by Counterclaim HCA 2915/2002): Beijing Chongwen-New World Properties Development Company Limited; Plaintiff (original Action HCA 2915/2002); Defendant (by Counterclaim HCA 2915/2002): China New World Electronics Limited; 1st Defendant (original Action HCA 1212/2002); 1st Plaintiff (by Counterclaim): Ho Yuk Wah, David; 2nd Defendant (original Action HCA 1212/2002); 2nd Plaintiff (by Counterclaim); Sole Proprietor of David Y W Ho & Co: Ho Yuk Kuen, Jade; 3rd Defendant (original Action HCA 1212/2002); 3rd Plaintiff (by Counterclaim): Chan Man Ho, Brian; 4th Defendant (original Action HCA 1212/2002); 4th Plaintiff (by Counterclaim): David Y W Ho & Co (a Firm)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 March 2010
Case Number
HCA1212/2002
Procedural Posture
Consolidated Commercial Civil Actions (hca 1212/2002 and HCA 2915/2002) / Post Judgment Applications in Chambers Concerning Interest on Judgment and Costs Arising From an Application to Vary a Costs Order Nisi; Decision Delivered 18 March 2010
Outcome
Application granted in part for interest at an enhanced rate and for costs to the Firm; other applications to vary the costs order nisi were largely unsuccessful as characterised in the decision.
Legal Topics
Interest on Judgment, Rate of Interest (commercial Vs Guideline), Costs Variation and Apportionment, Costs Wasted by Hearings, Entry of Judgment, Assignment Issue
Source Language
EN
Civil Procedure Commercial Law Contract Costs Interest Solicitors' Professional Charges Interest on Judgment Rate of Interest (commercial Vs Guideline) +4 more

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Parties

Sun Legend Investments Limited

Plaintiff (original Action HCA 1212/2002); Defendant (by Counterclaim HCA 1212/2002)

New World Development Co Ltd

Defendant (by Counterclaim HCA 1212/2002); Defendant (3rd Defendant by Counterclaim HCA 2915/2002)

Beijing Chongwen-New World Properties Development Company Limited

Plaintiff (original Action HCA 2915/2002); Defendant (by Counterclaim HCA 2915/2002)

China New World Electronics Limited

Plaintiff (original Action HCA 2915/2002); Defendant (by Counterclaim HCA 2915/2002)

Ho Yuk Wah, David

1st Defendant (original Action HCA 1212/2002); 1st Plaintiff (by Counterclaim)

Ho Yuk Kuen, Jade

2nd Defendant (original Action HCA 1212/2002); 2nd Plaintiff (by Counterclaim); Sole Proprietor of David Y W Ho & Co

Chan Man Ho, Brian

3rd Defendant (original Action HCA 1212/2002); 3rd Plaintiff (by Counterclaim)

David Y W Ho & Co (a Firm)

4th Defendant (original Action HCA 1212/2002); 4th Plaintiff (by Counterclaim)

Procedural Posture

Consolidated Commercial Civil Actions (hca 1212/2002 and HCA 2915/2002) / Post Judgment Applications in Chambers Concerning Interest on Judgment and Costs Arising From an Application to Vary a Costs Order Nisi; Decision Delivered 18 March 2010

Legal Issues

  1. 1 What rate of interest should be awarded on the Firm's judgment against the developers?
  2. 2 Whether the Firm is entitled to commercial/overdraft rate interest or the guideline prime-plus rate
  3. 3 Who should bear the costs of the application to vary the costs order nisi and wasted costs of the hearing on 20 October 2009

Ratio Decidendi

Having exercised the court's discretion and on the evidence adduced (HSBC letter showing banking facilities charged at 3% over the bank's best lending rate) and the lack of contrary evidence from the developers, the developers were ordered to pay interest at 3% over HSBC's best lending rate from 6 June 2002 to the date of judgment and thereafter at the Judgment rate until full payment; costs of the summons to vary the costs order nisi were ordered to the Firm, the Plaintiffs must pay the Firm's costs of the written submissions, sundry wasted costs for the 20 October 2009 hearing were ordered to the Plaintiffs, and judgment was to be entered in favour of Jade Ho and the Firm.

Court Disposition

Application granted in part for interest at an enhanced rate and for costs to the Firm; other applications to vary the costs order nisi were largely unsuccessful as characterised in the decision.

Orders

  • Developers to pay interest at 3% over HSBC best lending rate from 6 June 2002 to date of Judgment and thereafter at Judgment rate until full payment.
  • Costs on the summons to vary the costs order nisi to be paid to David Y W Ho & Co (the Firm).