ZHENG LI FENG v. SUPER WORTH INTERNATIONAL LTD AND ANOTHER

ZHENG LI FENG v. SUPER WORTH INTERNATIONAL LTD AND ANOTHER

Court found on evidence (uncontested oral testimony and documentary context) that the First Agreement was entered into on 18 November 2010 as part of a package with the share purchase, that valid consideration existed, that the Supplemental Agreement of 22 June 2011 was valid and enforceable, and that the 1st and 2nd Defendants breached the Supplemental Agreement; accordingly monetary judgment and ancillary orders were granted.

Citation
[2018] HKCFI 1578
Parties
Plaintiff: Plaintiff; Defendant: 1st Defendant; Defendant: 2nd Defendant
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 July 2018
Case Number
HCA1043/2012
Procedural Posture
Contract Dispute (civil) / Judgment at Trial
Outcome
Judgment for plaintiff on liability; monetary judgment entered; damages in lieu of specific performance ordered to be assessed; orders nisi for interest and costs.
Legal Topics
Specific Performance, Damages, Consideration, Share Buy Back, Enforceability, Interest
Source Language
EN
Contract Equity Company Law Specific Performance Damages Consideration Share Buy Back Enforceability +1 more

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Parties

Plaintiff

Plaintiff

1st Defendant

Defendant

2nd Defendant

Defendant

Procedural Posture

Contract Dispute (civil) / Judgment at Trial

Legal Issues

  1. 1 When was the First Agreement entered into (18 November 2010 v 18 April 2011)?
  2. 2 Whether valid consideration supported the First Agreement or whether consideration was past consideration
  3. 3 Whether the Supplemental Agreement is valid and enforceable and what remedies are appropriate

Ratio Decidendi

Court found on evidence (uncontested oral testimony and documentary context) that the First Agreement was entered into on 18 November 2010 as part of a package with the share purchase, that valid consideration existed, that the Supplemental Agreement of 22 June 2011 was valid and enforceable, and that the 1st and 2nd Defendants breached the Supplemental Agreement; accordingly monetary judgment and ancillary orders were granted.

Court Disposition

Judgment for plaintiff on liability; monetary judgment entered; damages in lieu of specific performance ordered to be assessed; orders nisi for interest and costs.

Orders

  • Judgment in the sum of HK$5,000,000 be entered against the 1st and 2nd Defendants
  • An order nisi that interest from 30 September 2011 be paid by the 1st and 2nd Defendants at 12% per annum until payment