RE RAD SOURCE TECHNOLOGIES ASIA LTD

RE RAD SOURCE TECHNOLOGIES ASIA LTD

The court ordered the petitioner to pay HK$250,000 into court as security for costs of the backer Mr Zhao Xi, stayed proceedings until that security was provided, granted leave to file the 3rd affirmation of Mr Zhao Xi, permitted the petitioner to file evidence in reply by 27 February 2018, and summarily assessed costs of the security application at HK$40,000 payable by the petitioner to Mr Zhao Xi subject to production of the solicitors' bill; costs of the summons to adduce further affirmation to be in the cause.

Citation
[2018] HKCFI 542
Parties
Petitioner: Unnamed creditor (petitioner); Respondent/company: Rad Source Technologies Asia Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
9 February 2018
Case Number
HCCW253/2017
Procedural Posture
Winding Up Petition (companies (winding Up and Miscellaneous Provisions) Ordinance, Cap 32) / Interlocutory Applications (security for Costs and Leave to Adduce Evidence)
Outcome
Interlocutory relief granted in part: security ordered, proceedings stayed pending payment, leave to file further affirmation granted, costs directions given.
Legal Topics
Security for Costs, Leave to Adduce Evidence, Winding Up Petition, Backer Funding Disclosure, Stay of Proceedings, Summary Assessment of Costs
Source Language
EN
Company Law Insolvency Civil Procedure Costs Security for Costs Leave to Adduce Evidence Winding Up Petition Backer Funding Disclosure +2 more

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Parties

Unnamed creditor (petitioner)

Petitioner

Rad Source Technologies Asia Limited

Respondent/company

Procedural Posture

Winding Up Petition (companies (winding Up and Miscellaneous Provisions) Ordinance, Cap 32) / Interlocutory Applications (security for Costs and Leave to Adduce Evidence)

Legal Issues

  1. 1 Whether to order security for costs and in what amount and against whom
  2. 2 Whether the court should require the backer/funder to provide security and name them in the order
  3. 3 Whether leave should be granted to file a further affirmation (3rd affirmation of Mr Zhao Xi)

Ratio Decidendi

The court ordered the petitioner to pay HK$250,000 into court as security for costs of the backer Mr Zhao Xi, stayed proceedings until that security was provided, granted leave to file the 3rd affirmation of Mr Zhao Xi, permitted the petitioner to file evidence in reply by 27 February 2018, and summarily assessed costs of the security application at HK$40,000 payable by the petitioner to Mr Zhao Xi subject to production of the solicitors' bill; costs of the summons to adduce further affirmation to be in the cause.

Court Disposition

Interlocutory relief granted in part: security ordered, proceedings stayed pending payment, leave to file further affirmation granted, costs directions given.

Orders

  • Petitioner to pay HK$250,000 into court within 14 days as security for Mr Zhao Xi's costs covering proceedings to conclusion of the petition.
  • All proceedings against the respondent company stayed until such security is given.