DAVID KONG v. PINE GROWTH MANUFACTURING CO LTD AND OTHERS

DAVID KONG v. PINE GROWTH MANUFACTURING CO LTD AND OTHERS

FTI Consulting (Hong Kong) Limited was appointed as replacement valuer because objections to its appointment lacked substance: FTI has appropriate experience, is effectively the successor to the respondents' originally proposed Baker Tilly, proposed a capped fee comparable to alternatives and is willing to consider prior work; accordingly the court directed each party to provide to FTI within 28 days the documents they had provided to Grant Thornton and allowed mutual inspection and copying of such documents; the court prioritized expedition of the delayed valuation.

Citation
DAVID KONG v. PINE GROWTH MANUFACTURING CO LTD AND OTHERS
Parties
Petitioner: Petitioner; Subject Company: Pine Development Limited; 2nd Respondent: Dong Fung Holdings Limited; 3rd Respondent: Chan Kin
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 November 2011
Case Number
HCCW321/2006
Procedural Posture
Companies (winding Up) No. 322 of 2006 / Application to Appoint Replacement Valuer and Directions (interim Hearing)
Outcome
FTI Consulting (Hong Kong) Limited appointed as replacement valuer; directions given for document production and inspection; no order made awarding costs to the petitioner at this hearing
Legal Topics
Tomlin Order, Valuation of Shares, Appointment of Expert/valuer, Provision of Documents, Costs
Source Language
EN
Company Law Insolvency Law Civil Procedure Tomlin Order Valuation of Shares Appointment of Expert/valuer Provision of Documents Costs

Case Brief

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Parties

Petitioner

Petitioner

Pine Development Limited

Subject Company

Dong Fung Holdings Limited

2nd Respondent

Chan Kin

3rd Respondent

Procedural Posture

Companies (winding Up) No. 322 of 2006 / Application to Appoint Replacement Valuer and Directions (interim Hearing)

Legal Issues

  1. 1 Whether the court should appoint a replacement valuer in place of Grant Thornton
  2. 2 Whether FTI Consulting is a suitable valuer compared with PwC or EY
  3. 3 What directions should be given for provision and inspection of documents supplied to Grant Thornton

Ratio Decidendi

FTI Consulting (Hong Kong) Limited was appointed as replacement valuer because objections to its appointment lacked substance: FTI has appropriate experience, is effectively the successor to the respondents' originally proposed Baker Tilly, proposed a capped fee comparable to alternatives and is willing to consider prior work; accordingly the court directed each party to provide to FTI within 28 days the documents they had provided to Grant Thornton and allowed mutual inspection and copying of such documents; the court prioritized expedition of the delayed valuation.

Court Disposition

FTI Consulting (Hong Kong) Limited appointed as replacement valuer; directions given for document production and inspection; no order made awarding costs to the petitioner at this hearing

Orders

  • FTI Consulting (Hong Kong) Limited appointed as valuers in place of Grant Thornton
  • Each party to provide to FTI Consulting (Hong Kong) Limited a full set of documents which they provided to Grant Thornton within 28 days from the date of the order