WAN WAI HEI WESLEY AND ANOTHER v. GOLDEN LAKE DEVELOPMENT LTD AND OTHERS

WAN WAI HEI WESLEY AND ANOTHER v. GOLDEN LAKE DEVELOPMENT LTD AND OTHERS

The court concluded the application failed at the first stage because the primary issue — beneficial ownership of Horizon Drive — is triable and the court could not be satisfied that Fortune Wealth would obtain judgment for substantial damages; accordingly the discretion to order interim payment did not arise and the Master's order was set aside; additionally the existence of a significant $25,000,000 advance undermined the exercise of discretion even if jurisdiction existed.

Citation
WAN WAI HEI WESLEY AND ANOTHER v. GOLDEN LAKE DEVELOPMENT LTD AND OTHERS
Parties
1st Plaintiff: Wan Wai Hei Wesley; 2nd Plaintiff (suing for Himself as a Shareholder of Golden Lake Development Limited): Wan Wai Hei Wesley; 1st Defendant: Golden Lake Development Limited; 2nd Defendant: Tong Do Ye; 3rd Defendant: Tong Yeung Hon Kwan Catherine; 4th Defendant (applicant for Interim Payment): Fortune Wealth Asia Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
5 August 2008
Case Number
HCA22/2007
Procedural Posture
Civil Action Property Ownership, Company Restructuring, Trespass and Interim Damages / Appeal by Rehearing From Master's Order for Interim Payment (application by 4th Defendant Dismissed on Appeal)
Outcome
Appeal allowed; 4th defendant's application for interim payment dismissed
Legal Topics
Interim Payment, Use and Occupation/mesne Profits, Trespass, Beneficial Ownership, Derivative Action, Restructuring of Ownership, Mortgage Finance, Accounting
Source Language
EN
Property Law Civil Procedure Company Law Equity Family Law Interim Payment Use and Occupation/mesne Profits Trespass +5 more

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Parties

Wan Wai Hei Wesley

1st Plaintiff

Wan Wai Hei Wesley

2nd Plaintiff (suing for Himself as a Shareholder of Golden Lake Development Limited)

Golden Lake Development Limited

1st Defendant

Tong Do Ye

2nd Defendant

Tong Yeung Hon Kwan Catherine

3rd Defendant

Fortune Wealth Asia Limited

4th Defendant (applicant for Interim Payment)

Procedural Posture

Civil Action Property Ownership, Company Restructuring, Trespass and Interim Damages / Appeal by Rehearing From Master's Order for Interim Payment (application by 4th Defendant Dismissed on Appeal)

Legal Issues

  1. 1 Whether the 2002 restructuring/assignment should be set aside
  2. 2 Whether Golden Lake is the beneficial owner of Horizon Drive
  3. 3 Who owns Golden Lake and in what shares

Ratio Decidendi

The court concluded the application failed at the first stage because the primary issue — beneficial ownership of Horizon Drive — is triable and the court could not be satisfied that Fortune Wealth would obtain judgment for substantial damages; accordingly the discretion to order interim payment did not arise and the Master's order was set aside; additionally the existence of a significant $25,000,000 advance undermined the exercise of discretion even if jurisdiction existed.

Court Disposition

Appeal allowed; 4th defendant's application for interim payment dismissed

Orders

  • Master's order for interim payment set aside
  • 4th defendant's application for interim payment dismissed