RE PINE GROWTH MANUFACTURING CO LTD

RE PINE GROWTH MANUFACTURING CO LTD

The court construed the order as requiring the parties to cooperate and act reasonably in appointing a valuer; the correct course is to offer Grant Thornton appointment on the identical capped terms tendered by Baker Tilley and, if Grant Thornton refuses, to appoint Baker Tilley; inspection must proceed with provision of soft-copy documents on DVD at a reasonable charge and the parties must jointly approach the bank to establish requirements for releasing the petitioner from guarantees.

Citation
RE PINE GROWTH MANUFACTURING CO LTD
Parties
Petitioner/plaintiff: David Kong; 1st Respondent: Pine Growth Manufacturing Company Limited; 1st Respondent (hccw322): Pine Development Limited; 2nd Respondent: Dong Fung Holdings Limited; 3rd Respondent: Chan Kin
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
12 September 2008
Case Number
HCCW322/2006
Procedural Posture
Companies (winding Up) / Interlocutory Applications Concerning Implementation of Tomlin Order and Appointment of Valuers
Outcome
Court directed that Grant Thornton be offered the appointment on terms identical to those tendered by Baker Tilley and, if Grant Thornton declines, Baker Tilley is to be appointed; inspection and provision of copies to proceed; parties to liaise with HongKong & Shanghai Banking Corporation regarding release of...
Legal Topics
Appointment of Valuer, Interpretation of Tomlin Order, Inspection and Disclosure of Documents, Release From Bank Guarantees, Costs of Valuation
Source Language
EN
Company Law Civil Procedure Contract Law Bank Guarantees Appointment of Valuer Interpretation of Tomlin Order Inspection and Disclosure of Documents Release From Bank Guarantees +1 more

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Parties

David Kong

Petitioner/plaintiff

Pine Growth Manufacturing Company Limited

1st Respondent

Pine Development Limited

1st Respondent (hccw322)

Dong Fung Holdings Limited

2nd Respondent

Chan Kin

3rd Respondent

Procedural Posture

Companies (winding Up) / Interlocutory Applications Concerning Implementation of Tomlin Order and Appointment of Valuers

Legal Issues

  1. 1 Whether Grant Thornton or Baker Tilley should be appointed as valuer under the Tomlin Order and effect of the phrase 'on terms acceptable to both parties'
  2. 2 Whether parties have complied with obligation to cooperate in appointing valuers and in providing inspection and copies
  3. 3 Whether Baker Tilley is an appropriate valuer despite past adverse publicity about an ex-partner

Ratio Decidendi

The court construed the order as requiring the parties to cooperate and act reasonably in appointing a valuer; the correct course is to offer Grant Thornton appointment on the identical capped terms tendered by Baker Tilley and, if Grant Thornton refuses, to appoint Baker Tilley; inspection must proceed with provision of soft-copy documents on DVD at a reasonable charge and the parties must jointly approach the bank to establish requirements for releasing the petitioner from guarantees.

Court Disposition

Court directed that Grant Thornton be offered the appointment on terms identical to those tendered by Baker Tilley and, if Grant Thornton declines, Baker Tilley is to be appointed; inspection and provision of copies to proceed; parties to liaise with HongKong & Shanghai Banking Corporation regarding release of...

Orders

  • Grant Thornton to be offered appointment on terms identical to Baker Tilley's quotation (cap HK$800000 for fees and disbursements); if Grant Thornton declines, offer appointment to Baker Tilley
  • Inspection of companies' books and records to proceed forthwith and petitioner to be given access to electronic records