DIMITRIOS KOUTSOLIOUTSOS AND ANOTHER v. LAI KAR YAN (DEREK) AND YIP WA MING (BEN), JOINT AND SEVERAL LIQUIDATORS OF FF GROUP SOURCING LTD (IN CREDITORS\' VOLUNTARY LIQUIDATION)

DIMITRIOS KOUTSOLIOUTSOS AND ANOTHER v. LAI KAR YAN (DEREK) AND YIP WA MING (BEN), JOINT AND SEVERAL LIQUIDATORS OF FF GROUP SOURCING LTD (IN CREDITORS\' VOLUNTARY LIQUIDATION)

Applicants are ordinarily resident abroad, appear to have no assets in Hong Kong, there is no enforcement convention with Greece, and they failed to file any evidential material or prosecute the summons diligently; accordingly it was just to order security for costs in the sum of HK$700,000, stay proceedings pending payment and dismissal if security is not provided, together with costs orders on an indemnity basis assessed at HK$140,000 (nisi).

Citation
[2024] HKCFI 1646
Parties
Applicant (1st): Dimitrios Koutsolioutsos; Applicant (2nd): Aikaterini Koutsolioutsou; Respondent Joint and Several Liquidator: Lai Kar Yan (Derek); Respondent Joint and Several Liquidator: Yip Wa Ming (Ben)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 June 2024
Case Number
HCMP1083/2023
Procedural Posture
Originating Summons (miscellaneous Proceedings Concerning Proof of Debt) / Interlocutory Decision on Application for Security for Costs
Outcome
Summons granted in part: security for costs ordered and proceedings stayed pending payment; dismissal ordered if security not provided; costs of summons awarded on indemnity basis subject to summary assessment.
Legal Topics
Security for Costs, Proof of Debt, Liquidation, Stay and Dismissal, Costs Assessment
Source Language
EN
Companies Law Insolvency Civil Procedure Costs Security for Costs Proof of Debt Liquidation Stay and Dismissal +1 more

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Parties

Dimitrios Koutsolioutsos

Applicant (1st)

Aikaterini Koutsolioutsou

Applicant (2nd)

Lai Kar Yan (Derek)

Respondent Joint and Several Liquidator

Yip Wa Ming (Ben)

Respondent Joint and Several Liquidator

Procedural Posture

Originating Summons (miscellaneous Proceedings Concerning Proof of Debt) / Interlocutory Decision on Application for Security for Costs

Legal Issues

  1. 1 Whether security for costs should be ordered against plaintiffs ordinarily resident abroad
  2. 2 Whether the plaintiffs have demonstrated a high probability of success on the merits
  3. 3 Appropriate quantum of security for costs

Ratio Decidendi

Applicants are ordinarily resident abroad, appear to have no assets in Hong Kong, there is no enforcement convention with Greece, and they failed to file any evidential material or prosecute the summons diligently; accordingly it was just to order security for costs in the sum of HK$700,000, stay proceedings pending payment and dismissal if security is not provided, together with costs orders on an indemnity basis assessed at HK$140,000 (nisi).

Court Disposition

Summons granted in part: security for costs ordered and proceedings stayed pending payment; dismissal ordered if security not provided; costs of summons awarded on indemnity basis subject to summary assessment.

Orders

  • Applicants to pay into court HK$700,000 as security for costs up to and including trial within 28 days
  • Pending provision of such security all further proceedings in the action are stayed