ASIA-PAC INFRASTRUCTURE DEVELOPMENT LTD AND OTHERS v. SHEARMAN & STERLING (a firm) AND OTHERS

ASIA-PAC INFRASTRUCTURE DEVELOPMENT LTD AND OTHERS v. SHEARMAN & STERLING (a firm) AND OTHERS

Extension of time was granted but limited to 13 February 2015 (date fixed for hearing of leave to appeal) because the latest letter from True Treasure provided a sufficient prospect that the ordered security would be paid but the evidence did not justify a longer extension; other proposed funding sources and ATE evidence were speculative and insufficient; defendants entitled to costs of the application on party-and-party basis.

Citation
ASIA-PAC INFRASTRUCTURE DEVELOPMENT LTD AND OTHERS v. SHEARMAN & STERLING (a firm) AND OTHERS
Parties
1st Plaintiff: ASIA-PAC INFRASTRUCTURE DEVELOPMENT LIMITED (In Creditors’ Voluntary Liquidation) (on behalf of itself and as assignee of Asia-Pac Infrastructure Finance Limited; Asia-Pac Group Investments Limited; & Greater Beijing Region Expressways Limited); 2nd Plaintiff: ASIA-PAC INFRASTRUCTURE FINANCE LIMITED; 3rd Plaintiff: ASIA-PAC GROUP INVESTMENTS LIMITED; 4th Plaintiff: GREATER BEIJING REGION EXPRESSWAYS LIMITED (on behalf of itself and as assignee of Greater Beijing First Expressway Limited); 1st Defendant: SHEARMAN & STERLING (a firm); 2nd Defendant: SHEARMAN & STERLING LLP (a firm, formerly known as SHEARMAN & STERLING); 3rd Defendant: ANTONIA E STOLPER; 4th Defendant: DOUGLAS P BARTNER; 5th Defendant: ANDREW V TENZER; 6th Defendant: HSIAO-CHIUNG LI; 7th Defendant: MATTHEW D BERSANI; 8th Defendant: EDWARD L TURNER III; 9th Defendant: HERBERT SMITH (a firm)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
19 January 2015
Case Number
HCA806/2006
Procedural Posture
Civil Proceedings Concerning Security for Costs in Company Related Litigation / Interlocutory Application for Extension of Time to Provide Security for Costs and Hearing of Leave to Appeal Pending
Outcome
Application for extension granted in part; extension limited to 13 February 2015; costs of the application to defendants on party and party basis
Legal Topics
Security for Costs, Extension of Time, Stay and Dismissal, After the Event Insurance, Third Party Litigation Funding, Leave to Appeal
Source Language
EN
Civil Procedure Companies Law Costs Security for Costs Extension of Time Stay and Dismissal After the Event Insurance Third Party Litigation Funding +1 more

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Parties

ASIA-PAC INFRASTRUCTURE DEVELOPMENT LIMITED (In Creditors’ Voluntary Liquidation) (on behalf of itself and as assignee of Asia-Pac Infrastructure Finance Limited; Asia-Pac Group Investments Limited; & Greater Beijing Region Expressways Limited)

1st Plaintiff

ASIA-PAC INFRASTRUCTURE FINANCE LIMITED

2nd Plaintiff

ASIA-PAC GROUP INVESTMENTS LIMITED

3rd Plaintiff

GREATER BEIJING REGION EXPRESSWAYS LIMITED (on behalf of itself and as assignee of Greater Beijing First Expressway Limited)

4th Plaintiff

SHEARMAN & STERLING (a firm)

1st Defendant

SHEARMAN & STERLING LLP (a firm, formerly known as SHEARMAN & STERLING)

2nd Defendant

ANTONIA E STOLPER

3rd Defendant

DOUGLAS P BARTNER

4th Defendant

ANDREW V TENZER

5th Defendant

HSIAO-CHIUNG LI

6th Defendant

MATTHEW D BERSANI

7th Defendant

EDWARD L TURNER III

8th Defendant

HERBERT SMITH (a firm)

9th Defendant

Procedural Posture

Civil Proceedings Concerning Security for Costs in Company Related Litigation / Interlocutory Application for Extension of Time to Provide Security for Costs and Hearing of Leave to Appeal Pending

Legal Issues

  1. 1 Whether to extend time to provide security for costs ordered by the court
  2. 2 Whether the applicant provided adequate explanation and used best endeavours to secure funding
  3. 3 Whether there was a reasonable prospect that the security would be paid by an extended deadline

Ratio Decidendi

Extension of time was granted but limited to 13 February 2015 (date fixed for hearing of leave to appeal) because the latest letter from True Treasure provided a sufficient prospect that the ordered security would be paid but the evidence did not justify a longer extension; other proposed funding sources and ATE evidence were speculative and insufficient; defendants entitled to costs of the application on party-and-party basis.

Court Disposition

Application for extension granted in part; extension limited to 13 February 2015; costs of the application to defendants on party and party basis

Orders

  • Extension of time to provide security for costs granted until 13 February 2015
  • 1st plaintiff to pay the defendants' costs of this application on party and party basis, to be taxed if not agreed