MICHEL HAZAN v. HAN QIONG JANE AND OTHERS

MICHEL HAZAN v. HAN QIONG JANE AND OTHERS

There is a serious question to be tried on beneficial ownership and evidence of unexplained transfers and lack of disclosure gives rise to a real risk of dissipation; the balance of convenience favors appointment of interim receivers to preserve assets and goodwill pending trial because the applicant offered an undertaking as to damages and reasonable fortification, and the respondents’ undertakings were insufficient.

Citation
MICHEL HAZAN v. HAN QIONG JANE AND OTHERS
Parties
Petitioner / Plaintiff: Michel Hazan; 1st Respondent / 1st Defendant: HK Sindy Footwears Limited; 2nd Respondent / 1st Defendant: Han Qiong Jane (Ms Han); 2nd Defendant: Han Ming Steven; 3rd Respondent / 3rd Defendant: HK Sindy Group Ltd
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
1 August 2006
Case Number
HCA1337/2006
Procedural Posture
Companies Petition Under S.168 a Cap.32 (hcmp 1240/2006) and Related Writ Action (hca 1337/2006) / Interlocutory Application for Appointment of Interim Receivers; Order Granted Subject to Terms and Further Directions
Outcome
Order to appoint interim receivers granted in principle; parties to be heard on terms of appointment and costs; applicant to provide undertaking as to damages and fortification.
Legal Topics
Interim Receivers, Unfairly Prejudicial Conduct, Buy Out Order, Rectification of Register, Undertaking as to Damages, Preservation of Assets, Management Deadlock
Source Language
EN
Company Law Equity Civil Procedure Injunctions and Interim Remedies Interim Receivers Unfairly Prejudicial Conduct Buy Out Order Rectification of Register +3 more

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Parties

Michel Hazan

Petitioner / Plaintiff

HK Sindy Footwears Limited

1st Respondent / 1st Defendant

Han Qiong Jane (Ms Han)

2nd Respondent / 1st Defendant

Han Ming Steven

2nd Defendant

HK Sindy Group Ltd

3rd Respondent / 3rd Defendant

Procedural Posture

Companies Petition Under S.168 a Cap.32 (hcmp 1240/2006) and Related Writ Action (hca 1337/2006) / Interlocutory Application for Appointment of Interim Receivers; Order Granted Subject to Terms and Further Directions

Legal Issues

  1. 1 Whether there is a serious question to be tried as to beneficial ownership of 50% of HK Sindy Group Ltd
  2. 2 Whether interim receivers should be appointed to preserve assets and goodwill of HK Sindy Footwears Ltd and HK Sindy Group Ltd pending resolution
  3. 3 Whether alternative undertakings offered by respondents are adequate to protect interests

Ratio Decidendi

There is a serious question to be tried on beneficial ownership and evidence of unexplained transfers and lack of disclosure gives rise to a real risk of dissipation; the balance of convenience favors appointment of interim receivers to preserve assets and goodwill pending trial because the applicant offered an undertaking as to damages and reasonable fortification, and the respondents’ undertakings were insufficient.

Court Disposition

Order to appoint interim receivers granted in principle; parties to be heard on terms of appointment and costs; applicant to provide undertaking as to damages and fortification.

Orders

  • Relief sought for appointment of interim receivers in respect of HK Sindy Footwears Ltd and HK Sindy Group Ltd granted in principle
  • Matter adjourned for parties to be heard on the precise terms of appointment and on costs