VTB DC LLC AND ANOTHER v. TOP FUEL CORPORATION LTD AND ANOTHER

VTB DC LLC AND ANOTHER v. TOP FUEL CORPORATION LTD AND ANOTHER

The court refused disclosure against the 1st defendant because the applicant failed to show a reasonable prospect that a claim against Top Fuel would be made if disclosure were granted and the documents sought were overly broad and speculative; by contrast the court granted disclosure against the 2nd defendant because Infinity Gain owned Faeton Set Nomer 1 during the relevant period, there is a close connection and a high likelihood relevant transactional documents exist, and disclosure is necessary to dispose fairly of subsequent proceedings; substitution of VTB DC by VTB Bank was permitted as a formality with consent and no prejudice to defendants.

Citation
VTB DC LLC AND ANOTHER v. TOP FUEL CORPORATION LTD AND ANOTHER
Parties
Initial Plaintiff: VTB DC LLC; Substituted Plaintiff: VTB BANK JSC; 1st Defendant: TOP FUEL CORPORATION LIMITED; 2nd Defendant: INFINITY GAIN LIMITED
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
16 April 2014
Case Number
HCMP1543/2013
Procedural Posture
Pre Action Disclosure (section 41 High Court Ordinance) / Application Heard by Court of First Instance (originating Summons); Judgment on Application
Outcome
Application refused as against 1st defendant (Top Fuel Corporation Limited); application granted as against 2nd defendant (Infinity Gain Limited) subject to terms and scope; substitution of VTB DC LLC with VTB Bank JSC allowed.
Legal Topics
Pre Action Disclosure, Discovery, Agency and Substitution of Parties, Fraudulent Transfer/siphoning of Assets, Jurisdictional Threshold for Disclosure, Costs
Source Language
EN
Civil Procedure Commercial Law Corporate Law Fraud Insolvency International/cross Border Litigation Pre Action Disclosure Discovery +4 more

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Parties

VTB DC LLC

Initial Plaintiff

VTB BANK JSC

Substituted Plaintiff

TOP FUEL CORPORATION LIMITED

1st Defendant

INFINITY GAIN LIMITED

2nd Defendant

Procedural Posture

Pre Action Disclosure (section 41 High Court Ordinance) / Application Heard by Court of First Instance (originating Summons); Judgment on Application

Legal Issues

  1. 1 Whether plaintiff has standing/capacity to bring the claim and validity of substitution
  2. 2 Whether there is a reasonable prospect a claim will be made (threshold under s41)
  3. 3 Whether the defendants likely have documents directly relevant to anticipated proceedings

Ratio Decidendi

The court refused disclosure against the 1st defendant because the applicant failed to show a reasonable prospect that a claim against Top Fuel would be made if disclosure were granted and the documents sought were overly broad and speculative; by contrast the court granted disclosure against the 2nd defendant because Infinity Gain owned Faeton Set Nomer 1 during the relevant period, there is a close connection and a high likelihood relevant transactional documents exist, and disclosure is necessary to dispose fairly of subsequent proceedings; substitution of VTB DC by VTB Bank was permitted as a formality with consent and no prejudice to defendants.

Court Disposition

Application refused as against 1st defendant (Top Fuel Corporation Limited); application granted as against 2nd defendant (Infinity Gain Limited) subject to terms and scope; substitution of VTB DC LLC with VTB Bank JSC allowed.

Orders

  • Substitute VTB DC LLC with VTB Bank JSC as plaintiff and permit amendment of originating summons; dispense with service of amended summons and accept original acknowledgements of service
  • Refuse the plaintiff's application against Top Fuel Corporation Limited