TOP ONE INTERNATIONAL (CHINA) PROPERTY GROUP CO LTD AND ANOTHER v. TOP ONE PROPERTY GROUP LTD AND OTHERS

TOP ONE INTERNATIONAL (CHINA) PROPERTY GROUP CO LTD AND ANOTHER v. TOP ONE PROPERTY GROUP LTD AND OTHERS

On the material before the Court (JLL valuation, unaudited consolidated accounts of 30 June 2008, audited 2007 accounts and absence of contradictory professional valuation) the value of Chongqing Dading was likely to exceed the amounts claimed by defendants as set-off; accordingly the 2nd plaintiff was entitled to an interim payment and the Court ordered the 1st and 3rd defendants to pay HK$20,000,000 to the 2nd plaintiff.

Citation
TOP ONE INTERNATIONAL (CHINA) PROPERTY GROUP CO LTD AND ANOTHER v. TOP ONE PROPERTY GROUP LTD AND OTHERS
Parties
1st Plaintiff: Top One International (China) Property Group Company Limited; 2nd Plaintiff (trustee): The Bank of New York Mellon; 1st Defendant: Top One Property Group Limited; 2nd Defendant: Po For Yau; 3rd Defendant: Sun Jiangrong
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
28 September 2011
Case Number
HCA1244/2009
Procedural Posture
Civil: Damages and Enforcement of Security / Interlocutory Appeal Against Master's Refusal of Interim Payment
Outcome
Appeal allowed in part; interim payment ordered.
Legal Topics
Interim Payment, Share Charge, Enforcement of Security, Valuation of Assets, Damages Assessment, Receivership
Source Language
EN
Civil Commercial Property Equity Securities Interim Payment Share Charge Enforcement of Security +3 more

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Parties

Top One International (China) Property Group Company Limited

1st Plaintiff

The Bank of New York Mellon

2nd Plaintiff (trustee)

Top One Property Group Limited

1st Defendant

Po For Yau

2nd Defendant

Sun Jiangrong

3rd Defendant

Procedural Posture

Civil: Damages and Enforcement of Security / Interlocutory Appeal Against Master's Refusal of Interim Payment

Legal Issues

  1. 1 Whether plaintiff entitled to interim payment under Order 29 r11
  2. 2 Proper valuation and evidential weight of charged asset (Chongqing Dading)
  3. 3 Effect of alleged debts/set-offs against plaintiff's net asset

Ratio Decidendi

On the material before the Court (JLL valuation, unaudited consolidated accounts of 30 June 2008, audited 2007 accounts and absence of contradictory professional valuation) the value of Chongqing Dading was likely to exceed the amounts claimed by defendants as set-off; accordingly the 2nd plaintiff was entitled to an interim payment and the Court ordered the 1st and 3rd defendants to pay HK$20,000,000 to the 2nd plaintiff.

Court Disposition

Appeal allowed in part; interim payment ordered.

Orders

  • 1st and 3rd defendants to pay the 2nd plaintiff an interim payment of HK$20,000,000
  • Costs order nisi that the 1st and 3rd defendants pay the 2nd plaintiff's costs of the appeal and below to be assessed summarily at a 9:30 am hearing to be fixed outside the next 21 days unless application for variation is made within 14 days