RE MYRIAD GOLD CORPORATION

RE MYRIAD GOLD CORPORATION

The application to vary the order nisi was dismissed because the court considered the directions and reliefs sought should be treated as a whole and it was impracticable to apportion costs as proposed; accordingly the provisional liquidators' costs remain payable out of the funds of Maintain Profits and Myriad Gold pursuant to the undertakings, and the order nisi was not altered.

Citation
RE MYRIAD GOLD CORPORATION
Parties
Company (subject to Winding Up): Maintain Profits Limited; Company (subject to Winding Up): Myriad Gold Corporation; Provisional Liquidators: Provisional Liquidators; Opposing Contributory and Applicant to Vary Order: Madam Law Wai Duen; Opposing Contributory: Mr Chan Shiu Chick; Related Company (third Party): BF Construction Co. Ltd
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 October 2003
Case Number
HCCW346/2002
Procedural Posture
Companies (winding Up) / Interlocutory Application to Vary Order Nisi as to Costs
Outcome
Application to vary order nisi dismissed
Legal Topics
Winding Up, Provisional Liquidators, Costs Allocation, Shareholder Resolutions, Payment of Liquidators' Remuneration
Source Language
EN
Company Law Civil Procedure Insolvency Law Costs Law Winding Up Provisional Liquidators Costs Allocation Shareholder Resolutions +1 more

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Parties

Maintain Profits Limited

Company (subject to Winding Up)

Myriad Gold Corporation

Company (subject to Winding Up)

Provisional Liquidators

Provisional Liquidators

Madam Law Wai Duen

Opposing Contributory and Applicant to Vary Order

Mr Chan Shiu Chick

Opposing Contributory

BF Construction Co. Ltd

Related Company (third Party)

Procedural Posture

Companies (winding Up) / Interlocutory Application to Vary Order Nisi as to Costs

Legal Issues

  1. 1 Whether the order nisi as to costs should be varied so that Mr Chan bears costs instead of funds of the subject companies
  2. 2 Whether costs of provisional liquidators and of Madam Law can be ordered to be paid out of assets of BF Construction Co. Ltd
  3. 3 Whether provisional liquidators can pass a shareholders' resolution to authorise payment of their remuneration out of BF's assets

Ratio Decidendi

The application to vary the order nisi was dismissed because the court considered the directions and reliefs sought should be treated as a whole and it was impracticable to apportion costs as proposed; accordingly the provisional liquidators' costs remain payable out of the funds of Maintain Profits and Myriad Gold pursuant to the undertakings, and the order nisi was not altered.

Court Disposition

Application to vary order nisi dismissed

Orders

  • Order nisi as to costs not varied
  • Provisional liquidators' reserved costs of the initial hearing and costs of the applications to be paid out of funds of Maintain Profits Limited and Myriad Gold Corporation received by the provisional liquidators pursuant to undertakings