FREEMAN SECURITIES LTD (PREVIOUSLY KNOWN AS DYNASTY SECURITIES LTD v. IP PO KI

FREEMAN SECURITIES LTD (PREVIOUSLY KNOWN AS DYNASTY SECURITIES LTD v. IP PO KI

A defendant who previously held substantial assets and now claims impecuniosity to vary a financial condition for leave to defend must give full and frank disclosure including the disposition of prior assets; failure to do so permits refusal of the variation and renders an appeal without reasonable prospects of success.

Citation
[2021] HKCFI 2549
Parties
Plaintiff: Plaintiff; Defendant: Defendant
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
8 September 2021
Case Number
HCA2368/2018
Procedural Posture
Civil Appeal (summary Judgment / Conditional Leave to Defend) / Interlocutory Applications for Variation of Conditional Leave and for Leave to Appeal (disposed on Paper)
Outcome
Applications dismissed: D's application to vary the financial condition dismissed; P's application for leave to appeal (filed 4 Jan 2020) previously dismissed; D's application for leave to appeal dismissed. Costs ordered.
Legal Topics
Summary Judgment, Conditional Leave to Defend, Impecuniosity, Disclosure of Assets, Variation of Order, Leave to Appeal
Source Language
EN
Civil Procedure Appeal Judgment Enforcement Costs Summary Judgment Conditional Leave to Defend Impecuniosity Disclosure of Assets +2 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 1 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Plaintiff

Plaintiff

Defendant

Defendant

Procedural Posture

Civil Appeal (summary Judgment / Conditional Leave to Defend) / Interlocutory Applications for Variation of Conditional Leave and for Leave to Appeal (disposed on Paper)

Legal Issues

  1. 1 Whether a defendant claiming impecuniosity must disclose past dispositions of assets when seeking variation of a financial condition for leave to defend
  2. 2 Whether substituting HK$50,000 for HK$85,000 as payment into court is appropriate
  3. 3 Whether defendant made full and frank disclosure of means and assets

Ratio Decidendi

A defendant who previously held substantial assets and now claims impecuniosity to vary a financial condition for leave to defend must give full and frank disclosure including the disposition of prior assets; failure to do so permits refusal of the variation and renders an appeal without reasonable prospects of success.

Court Disposition

Applications dismissed: D's application to vary the financial condition dismissed; P's application for leave to appeal (filed 4 Jan 2020) previously dismissed; D's application for leave to appeal dismissed. Costs ordered.

Orders

  • Dismiss D's Application for Variation (to substitute HK$50,000 for HK$85,000)
  • Dismiss P's Application for Leave to Appeal (earlier decision)