WILLIAM JOHN LAU v. WAN YUK LIN ALISON AND OTHERS

WILLIAM JOHN LAU v. WAN YUK LIN ALISON AND OTHERS

The consent Order made the Valuer's written valuation final and binding except for 'manifest error'; 'manifest error' must be plain and obvious on the face of the report; the 1st–3rd Respondents failed to demonstrate any such manifest error; therefore the valuer's Report stands, the summons to set it aside is dismissed and the 1st–3rd Respondents must pay the purchase price, interest and the Petitioner's costs.

Citation
WILLIAM JOHN LAU v. WAN YUK LIN ALISON AND OTHERS
Parties
Petitioner: William John Lau; 1st Respondent: Wan Yuk Lin Alison; 2nd Respondent: Lee Wai Shuen Angela; 3rd Respondent: Yau Wai Kuen; 4th Respondent: Skydon Development Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
17 January 2013
Case Number
HCCW576/2007
Procedural Posture
Companies (winding Up) / Hearing on Summons to Set Aside Valuer's Report Pursuant to Consent Order (interlocutory Enforcement)
Outcome
1st to 3rd Respondents' summons dismissed; valuer's Report upheld; payment ordered to Petitioner
Legal Topics
Share Valuation, Binding Expert Determination, Manifest Error, Consent Order Enforcement, Interest on Judgment
Source Language
EN
Company Law Contract Law Civil Procedure Valuation Costs and Interest Share Valuation Binding Expert Determination Manifest Error +2 more

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Parties

William John Lau

Petitioner

Wan Yuk Lin Alison

1st Respondent

Lee Wai Shuen Angela

2nd Respondent

Yau Wai Kuen

3rd Respondent

Skydon Development Limited

4th Respondent

Procedural Posture

Companies (winding Up) / Hearing on Summons to Set Aside Valuer's Report Pursuant to Consent Order (interlocutory Enforcement)

Legal Issues

  1. 1 Whether the valuer's written valuation can be set aside for 'manifest error'
  2. 2 What constitutes 'manifest error' in a binding expert valuation
  3. 3 Whether the 1st–3rd Respondents proved manifest error in the valuer's report

Ratio Decidendi

The consent Order made the Valuer's written valuation final and binding except for 'manifest error'; 'manifest error' must be plain and obvious on the face of the report; the 1st–3rd Respondents failed to demonstrate any such manifest error; therefore the valuer's Report stands, the summons to set it aside is dismissed and the 1st–3rd Respondents must pay the purchase price, interest and the Petitioner's costs.

Court Disposition

1st to 3rd Respondents' summons dismissed; valuer's Report upheld; payment ordered to Petitioner

Orders

  • The 1st to 3rd Respondents shall pay to the Petitioner HK$3,787,345 within 14 days of presentation to their solicitors of duly signed instruments of transfer, bought and sold notes and the share certificates in respect of the Petitioner’s shares in the 4th Respondent.
  • The 1st to 3rd Respondents shall pay interest on the said sum from 28 April 2008 at Hong Kong prime plus 1%.