RE CHINA FISHERIES INTERNATIONAL LTD

RE CHINA FISHERIES INTERNATIONAL LTD

Because it was found (by the US court and noted by Harris J) that the Companies' management gave undertakings which they did not intend to honour, that conduct constituted an affront to the Court and justified an award of costs to HSBC on an indemnity basis; further, no party may release the documents referred to in the summonses without an order of this Court.

Citation
RE CHINA FISHERIES INTERNATIONAL LTD
Parties
Petitioner: China Fishery Group Limited; Petitioner: China Fisheries International Limited; Respondent: HSBC
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
23 May 2017
Case Number
HCCW368/2015
Procedural Posture
Companies Winding Up Proceedings / Hearing of Summons for Leave to Disclose Documents (application Discontinued)
Outcome
Summons discontinued; costs awarded to HSBC on an indemnity basis; disclosure restrained pending court order
Legal Topics
Disclosure, Undertakings to the Court, Costs on Indemnity Basis, Use of Evidence in Foreign Proceedings, Settlement and Withdrawal of Proceedings
Source Language
EN
Company Law Insolvency Law Civil Procedure Cross Border Insolvency Costs Disclosure Undertakings to the Court Costs on Indemnity Basis +2 more

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Parties

China Fishery Group Limited

Petitioner

China Fisheries International Limited

Petitioner

HSBC

Respondent

Procedural Posture

Companies Winding Up Proceedings / Hearing of Summons for Leave to Disclose Documents (application Discontinued)

Legal Issues

  1. 1 Whether the Companies were entitled to disclose documents produced in the Hong Kong winding up proceedings for use in foreign insolvency proceedings
  2. 2 Whether the Companies should pay HSBC's costs after choosing not to proceed with the summons
  3. 3 Whether indemnity costs were justified by the Companies' conduct in giving undertakings they did not intend to honour

Ratio Decidendi

Because it was found (by the US court and noted by Harris J) that the Companies' management gave undertakings which they did not intend to honour, that conduct constituted an affront to the Court and justified an award of costs to HSBC on an indemnity basis; further, no party may release the documents referred to in the summonses without an order of this Court.

Court Disposition

Summons discontinued; costs awarded to HSBC on an indemnity basis; disclosure restrained pending court order

Orders

  • The Companies to pay HSBC's costs on an indemnity basis including the costs of the hearing on 23 May 2017
  • The parties and their agents or employees must not provide to any person any of the documents or copies thereof referred to in the summonses dated 24 August 2016 without an order of Mr Justice Harris or such other judge as he directs