張才奎所託管中國山水投資有限公司股份 AND ANOTHER v. 張才奎 AND ANOTHER

張才奎所託管中國山水投資有限公司股份 AND ANOTHER v. 張才奎 AND ANOTHER

The application for leave to appeal and to file further affirmation evidence was dismissed because it was procedurally and substantively without merit, amounted to an abuse of process and a delaying tactic, there was no reasonable prospect that additional affirmation would be constructive, and the court was entitled to extend receivers' powers in light of a significant deterioration of circumstances to preserve disputed assets; accordingly leave was refused and indemnity costs were ordered against the 1st defendant.

Citation
張才奎所託管中國山水投資有限公司股份 AND ANOTHER v. 張才奎 AND ANOTHER
Parties
Plaintiff Group: Relevant employees whose shares in China Shanshui Investment Company Limited held by ZHANG CAIKUI on trust (1st Group of Plaintiffs); Plaintiff Group: Relevant employees whose shares in China Shanshui Investment Company Limited held by LI YANMIN on trust (2nd Group of Plaintiffs); 1st Defendant: ZHANG CAIKUI; 2nd Defendant: LI YANMIN
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 November 2015
Case Number
HCA623/2015
Procedural Posture
Civil Shareholding Dispute With Interlocutory Receivership Applications / Decision on Application for Leave to Appeal and Extension of Receivers' Powers (interlocutory)
Outcome
Application for leave to appeal dismissed; application found to be an abuse of process; costs awarded against the 1st defendant on an indemnity basis, to be assessed summarily and paid forthwith.
Legal Topics
Extension of Receivers' Powers, Interim Preservation of Assets, Leave to Appeal, Abuse of Process, Indemnity Costs
Source Language
EN
Company Law Trusts and Equity Civil Procedure Receivership Costs Extension of Receivers' Powers Interim Preservation of Assets Leave to Appeal +2 more

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Parties

Relevant employees whose shares in China Shanshui Investment Company Limited held by ZHANG CAIKUI on trust (1st Group of Plaintiffs)

Plaintiff Group

Relevant employees whose shares in China Shanshui Investment Company Limited held by LI YANMIN on trust (2nd Group of Plaintiffs)

Plaintiff Group

ZHANG CAIKUI

1st Defendant

LI YANMIN

2nd Defendant

Procedural Posture

Civil Shareholding Dispute With Interlocutory Receivership Applications / Decision on Application for Leave to Appeal and Extension of Receivers' Powers (interlocutory)

Legal Issues

  1. 1 Whether leave to appeal should be granted for the 1st defendant
  2. 2 Whether the 1st defendant should be permitted to file further affirmation evidence
  3. 3 Whether the court is bound by the prior judge's limitation on receivers' powers and whether those powers may be extended in changed circumstances

Ratio Decidendi

The application for leave to appeal and to file further affirmation evidence was dismissed because it was procedurally and substantively without merit, amounted to an abuse of process and a delaying tactic, there was no reasonable prospect that additional affirmation would be constructive, and the court was entitled to extend receivers' powers in light of a significant deterioration of circumstances to preserve disputed assets; accordingly leave was refused and indemnity costs were ordered against the 1st defendant.

Court Disposition

Application for leave to appeal dismissed; application found to be an abuse of process; costs awarded against the 1st defendant on an indemnity basis, to be assessed summarily and paid forthwith.

Orders

  • This application is dismissed.
  • It is entirely misconceived.