FUNG YEE WAN v. LUI FU SING

FUNG YEE WAN v. LUI FU SING

The letter of 23 July 2002 constituted a concluded agreement to transfer 4% of Weld-Tech shares for HK$1,000,000; the Defendant's account of an alternative investment agreement and that the cheque paid represented payment for WESCO shares was unsupported, contradicted by contemporaneous documents and found incredible; there was no real issue requiring trial, therefore summary judgment was entered for the Plaintiff for HK$1,000,000 with interest and costs.

Citation
FUNG YEE WAN v. LUI FU SING
Parties
Plaintiff: Fung Yee Wan; Defendant: Lui Fu Sing
Court
District Court
Jurisdiction
Hong Kong
Judgment Date
3 November 2005
Case Number
DCCJ2042/2005
Procedural Posture
Civil Action (money Claim Contract) / Summary Judgment (district Court)
Outcome
Judgment for the Plaintiff
Legal Topics
Summary Judgment, Failure of Consideration, Share Transfer, Liquidation Impact
Source Language
EN
Contract Company Law Civil Procedure Property Summary Judgment Failure of Consideration Share Transfer Liquidation Impact

Case Brief

Summary, issues, holding and outcome

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Parties

Fung Yee Wan

Plaintiff

Lui Fu Sing

Defendant

Procedural Posture

Civil Action (money Claim Contract) / Summary Judgment (district Court)

Legal Issues

  1. 1 Whether a concluded agreement existed between the Plaintiff and the Defendant to transfer 4% of Weld-Tech shares for $1,000,000
  2. 2 Whether the cheque for $1,000,000 was supported by consideration or represented total failure of consideration
  3. 3 Whether the Defendant's alternative account (investment agreement with Mr Chan/WESCO) rebutted the Plaintiff's claim

Ratio Decidendi

The letter of 23 July 2002 constituted a concluded agreement to transfer 4% of Weld-Tech shares for HK$1,000,000; the Defendant's account of an alternative investment agreement and that the cheque paid represented payment for WESCO shares was unsupported, contradicted by contemporaneous documents and found incredible; there was no real issue requiring trial, therefore summary judgment was entered for the Plaintiff for HK$1,000,000 with interest and costs.

Court Disposition

Judgment for the Plaintiff

Orders

  • Judgment entered for the Plaintiff against the Defendant in the sum of HK$1,000,000
  • Interest at judgment rate from date of writ until payment