CHAN PING PING v. VIO ENTERPRISE LTD

CHAN PING PING v. VIO ENTERPRISE LTD

The summons was dismissed because the applicant failed to demonstrate a real risk of dissipation of assets; hearsay of an intention to wind up was insufficient and financial difficulty alone does not establish risk of dissipation, especially as distribution to shareholders can only occur after creditors are paid.

Citation
[2018] HKDC 708
Parties
Intended Plaintiff: CHAN PING PING; Intended Defendant: VIO ENTERPRISE LIMITED
Court
District Court
Jurisdiction
Hong Kong
Judgment Date
15 June 2018
Case Number
DCZZ2/2018
Procedural Posture
Mareva Injunction Application / Inter Partes Summons Heard and Dismissed at Interlocutory Stage
Outcome
Summons dismissed
Legal Topics
Mareva Injunction, Asset Dissipation, Interim Relief, Costs
Source Language
EN
Civil Procedure Injunctions Company Law Mareva Injunction Asset Dissipation Interim Relief Costs

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Parties

CHAN PING PING

Intended Plaintiff

VIO ENTERPRISE LIMITED

Intended Defendant

Procedural Posture

Mareva Injunction Application / Inter Partes Summons Heard and Dismissed at Interlocutory Stage

Legal Issues

  1. 1 Whether the applicant has shown a real risk of dissipation of assets
  2. 2 Whether the company entered into the alleged loan and investment agreements with the applicant
  3. 3 Whether interlocutory relief is appropriate in light of disputed facts

Ratio Decidendi

The summons was dismissed because the applicant failed to demonstrate a real risk of dissipation of assets; hearsay of an intention to wind up was insufficient and financial difficulty alone does not establish risk of dissipation, especially as distribution to shareholders can only occur after creditors are paid.

Court Disposition

Summons dismissed

Orders

  • Summons dismissed
  • Costs of the summons to the company forthwith, to be taxed if not agreed