CHINA EVERBRIGHT FINANCE LTD AND ANOTHER v. CHAN YUNG AND ANOTHER

CHINA EVERBRIGHT FINANCE LTD AND ANOTHER v. CHAN YUNG AND ANOTHER

The court granted a conditional stay because the appeal on the interest point was arguably (albeit barely) tenable, but weighed against the defendant's evasion of service and the need to protect the judgment creditor; accordingly the stay was conditioned upon the defendant bringing into court the principal sum of $6,356,000 by 1pm on 14 December 2007, failing which the stay would be discharged and the plaintiff permitted to enforce the judgment.

Citation
CHINA EVERBRIGHT FINANCE LTD AND ANOTHER v. CHAN YUNG AND ANOTHER
Parties
1st Plaintiff: CHINA EVERBRIGHT FINANCE LIMITED; 2nd Plaintiff: POSEIDON TREASURE LIMITED; 1st Defendant: CHAN YUNG; 2nd Defendant: SO CHI YUK
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
28 November 2007
Case Number
HCA18300/1999
Procedural Posture
Action (civil) at High Court Court of First Instance (hca18300/1999) / Application for Stay of Execution Pending Appeal
Outcome
Stay of execution granted on condition of payment into court of the principal sum; condition to be met by 1pm on 14 December 2007 otherwise the stay is discharged.
Legal Topics
Stay of Execution, Bankruptcy Petition, Statutory Demand, Compound Versus Simple Interest, Service of Process, Security for Stay, Evading Service
Source Language
EN
Bankruptcy Contract Civil Procedure Debt Enforcement Interest Law Stay of Execution Bankruptcy Petition Statutory Demand +4 more

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Parties

CHINA EVERBRIGHT FINANCE LIMITED

1st Plaintiff

POSEIDON TREASURE LIMITED

2nd Plaintiff

CHAN YUNG

1st Defendant

SO CHI YUK

2nd Defendant

Procedural Posture

Action (civil) at High Court Court of First Instance (hca18300/1999) / Application for Stay of Execution Pending Appeal

Legal Issues

  1. 1 Whether to grant a stay of execution pending the defendant's appeal
  2. 2 Whether the appeal on the interest (compound interest) point is arguable
  3. 3 Whether the defendant should be required to provide security (deposit principal) as condition for a stay

Ratio Decidendi

The court granted a conditional stay because the appeal on the interest point was arguably (albeit barely) tenable, but weighed against the defendant's evasion of service and the need to protect the judgment creditor; accordingly the stay was conditioned upon the defendant bringing into court the principal sum of $6,356,000 by 1pm on 14 December 2007, failing which the stay would be discharged and the plaintiff permitted to enforce the judgment.

Court Disposition

Stay of execution granted on condition of payment into court of the principal sum; condition to be met by 1pm on 14 December 2007 otherwise the stay is discharged.

Orders

  • Stay of execution granted pending the defendant's appeal on condition the defendant brings into court the sum of $6,356,000 by 1pm on 14 December 2007.
  • If the defendant fails to pay the sum by that time the stay will be discharged and the plaintiff may enforce the judgment.