BEIJING CHONGWEN-NEW WORLD PROPERTIES DEVELOPMENT CO LTD AND ANOTHER v. HO YUK WAH DAVID AND OTHERS

BEIJING CHONGWEN-NEW WORLD PROPERTIES DEVELOPMENT CO LTD AND ANOTHER v. HO YUK WAH DAVID AND OTHERS

Given the defendants' substantial group resources and the Firm's small size and evidentiary proof from HSBC of commercial borrowing cost, the court exercised its discretion to award interest at 3% over HSBC's best lending rate from 6 June 2002 to date of judgment and thereafter at the statutory judgment rate until full payment; costs on the summons to vary the costs order nisi are awarded to the Firm, plaintiffs must pay wasted costs for the 20 October 2009 hearing and the Firm's costs of written submissions, and judgment is to be entered in the name of Jade Ho and David Y W Ho & Co.

Citation
BEIJING CHONGWEN-NEW WORLD PROPERTIES DEVELOPMENT CO LTD AND ANOTHER v. HO YUK WAH DAVID AND OTHERS
Parties
Plaintiff (hca 1212/2002): Sun Legend Investments Limited; Defendant (counterclaim): New World Development Co Ltd; Plaintiff (hca 2915/2002): Beijing Chongwen-New World Properties Development Company Limited; Plaintiff (hca 2915/2002): China New World Electronics Limited; Defendant (original Action) / Plaintiff (counterclaim): Ho Yuk Wah, David; Defendant (original Action) / Plaintiff (counterclaim); Sole Proprietor of the Firm: Ho Yuk Kuen, Jade; Defendant (original Action) / Plaintiff (counterclaim): Chan Man Ho, Brian; Defendant (original Action) / Plaintiff (counterclaim): David Y W Ho & Co (a Firm)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 March 2010
Case Number
HCA2915/2002
Procedural Posture
Civil Commercial (consolidated Actions) / Costs and Interest Decision Post Judgment
Outcome
Partially in favour of the Firm: interest awarded at an enhanced commercial rate and costs on the summons to vary order nisi awarded to the Firm; other applications to vary costs order nisi largely unsuccessful for plaintiffs
Legal Topics
Interest on Judgment, Costs on Application to Vary Costs Order Nisi, Apportionment of Costs, Entry of Judgment
Source Language
EN
Civil Procedure Costs Interest Solicitors' Fees Interest on Judgment Costs on Application to Vary Costs Order Nisi Apportionment of Costs Entry of Judgment

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Parties

Sun Legend Investments Limited

Plaintiff (hca 1212/2002)

New World Development Co Ltd

Defendant (counterclaim)

Beijing Chongwen-New World Properties Development Company Limited

Plaintiff (hca 2915/2002)

China New World Electronics Limited

Plaintiff (hca 2915/2002)

Ho Yuk Wah, David

Defendant (original Action) / Plaintiff (counterclaim)

Ho Yuk Kuen, Jade

Defendant (original Action) / Plaintiff (counterclaim); Sole Proprietor of the Firm

Chan Man Ho, Brian

Defendant (original Action) / Plaintiff (counterclaim)

David Y W Ho & Co (a Firm)

Defendant (original Action) / Plaintiff (counterclaim)

Procedural Posture

Civil Commercial (consolidated Actions) / Costs and Interest Decision Post Judgment

Legal Issues

  1. 1 What interest rate is appropriate on the successful judgment against the developers
  2. 2 Whether commercial/enhanced interest should be awarded to the Firm
  3. 3 Who should bear the costs of the application to vary the costs order nisi and wasted costs of the 20 October 2009 hearing

Ratio Decidendi

Given the defendants' substantial group resources and the Firm's small size and evidentiary proof from HSBC of commercial borrowing cost, the court exercised its discretion to award interest at 3% over HSBC's best lending rate from 6 June 2002 to date of judgment and thereafter at the statutory judgment rate until full payment; costs on the summons to vary the costs order nisi are awarded to the Firm, plaintiffs must pay wasted costs for the 20 October 2009 hearing and the Firm's costs of written submissions, and judgment is to be entered in the name of Jade Ho and David Y W Ho & Co.

Court Disposition

Partially in favour of the Firm: interest awarded at an enhanced commercial rate and costs on the summons to vary order nisi awarded to the Firm; other applications to vary costs order nisi largely unsuccessful for plaintiffs

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 of the summons to vary the costs order nisi to be to the Firm (David Y W Ho & Co)