STARK MOLY LTD v. WISEKING MINING INVESTMENT CO LTD AND ANOTHER

STARK MOLY LTD v. WISEKING MINING INVESTMENT CO LTD AND ANOTHER

The New Shares were derived from Angel Wise's FabWay shareholding and therefore fall within the Share Charge Agreement's definition of Related Assets; an equitable charge arose upon allotment in favour of Stark Moly, entitling Stark Moly to a declaration that the New Shares are charged and to have the charging order nisi made absolute; a stay was not justified because Stark Moly enforces a proprietary interest and Hong Kong is an appropriate forum.

Citation
STARK MOLY LTD v. WISEKING MINING INVESTMENT CO LTD AND ANOTHER
Parties
Plaintiff; Applicant; Judgment Creditor: Stark Moly Limited; 1st Defendant: Wiseking Mining Investment Company Limited; 2nd Defendant; Respondent; Judgment Debtor; Debtor Company: Angel Wise Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
2 March 2012
Case Number
HCMP2653/2011
Procedural Posture
Charging Order; Enforcement of Foreign Judgment; Winding Up Proceedings / Judgment (heard Together)
Outcome
Declaration that the New Shares stand charged in favour of Stark Moly; charging order nisi made absolute; Angel Wise's application for a stay dismissed.
Legal Topics
Charging Order, Share Charge, Equitable Charge, Winding Up Petition, Registration of Foreign Judgment, Priority of Securities, Fraudulent Transfer
Source Language
EN
Equity Insolvency Company Law Enforcement of Foreign Judgments Charging Order Share Charge Equitable Charge Winding Up Petition +3 more

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Parties

Stark Moly Limited

Plaintiff; Applicant; Judgment Creditor

Wiseking Mining Investment Company Limited

1st Defendant

Angel Wise Limited

2nd Defendant; Respondent; Judgment Debtor; Debtor Company

Procedural Posture

Charging Order; Enforcement of Foreign Judgment; Winding Up Proceedings / Judgment (heard Together)

Legal Issues

  1. 1 Whether the 86,163 Wiseking shares allotted to Angel Wise (the New Shares) fall within the Share Charge Agreement as Related Assets
  2. 2 Whether an equitable charge arose on allotment of the New Shares and Stark Moly is entitled to a declaration of charge
  3. 3 Whether the charging order nisi should be made absolute

Ratio Decidendi

The New Shares were derived from Angel Wise's FabWay shareholding and therefore fall within the Share Charge Agreement's definition of Related Assets; an equitable charge arose upon allotment in favour of Stark Moly, entitling Stark Moly to a declaration that the New Shares are charged and to have the charging order nisi made absolute; a stay was not justified because Stark Moly enforces a proprietary interest and Hong Kong is an appropriate forum.

Court Disposition

Declaration that the New Shares stand charged in favour of Stark Moly; charging order nisi made absolute; Angel Wise's application for a stay dismissed.

Orders

  • Declaration that the 86,163 Wiseking shares allotted to Angel Wise are charged in favour of Stark Moly Limited pursuant to the Share Charge Agreement dated 12 November 2007.
  • The charging order nisi made on 31 January 2012 is made absolute.