INCU GLOBAL LTD AND ANOTHER v.D’AGUILAR CAPITAL MANAGEMENT LTD AND ANOTHER

INCU GLOBAL LTD AND ANOTHER v.D’AGUILAR CAPITAL MANAGEMENT LTD AND ANOTHER

Summons for summary judgment dismissed because the 1st plaintiff raised a bona fide triable issue on set-off: it is arguable that D'Aguilar, by providing essential research and the proprietary model, may share responsibility for the Fund's losses so liability cannot be conclusively attributed to Skybound on the papers; entitlement to the Fees and allocation between advisers also raises triable issues.

Citation
[2022] HKCFI 3214
Parties
1st Plaintiff: INCU GLOBAL LTD; 2nd Plaintiff: INCU CAPITAL MANAGEMENT LTD; 1st Defendant: D'AGUILAR CAPITAL MANAGEMENT LIMITED; 2nd Defendant: SKYBOUND CAPITAL (HK) LIMITED
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 October 2022
Case Number
HCA853/2018
Procedural Posture
Civil Commercial Dispute: Summary Judgment on Counterclaim (fees) / Application for Summary Judgment (paper Disposal)
Outcome
Summons dismissed; application for summary judgment refused
Legal Topics
Summary Judgment, Set Off, Counterclaim, Fees Entitlement, Fiduciary Duty, Investment Management
Source Language
EN
Contract Law Commercial Law Securities Regulation Civil Procedure Summary Judgment Set Off Counterclaim Fees Entitlement +2 more

Case Brief

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Parties

INCU GLOBAL LTD

1st Plaintiff

INCU CAPITAL MANAGEMENT LTD

2nd Plaintiff

D'AGUILAR CAPITAL MANAGEMENT LIMITED

1st Defendant

SKYBOUND CAPITAL (HK) LIMITED

2nd Defendant

Procedural Posture

Civil Commercial Dispute: Summary Judgment on Counterclaim (fees) / Application for Summary Judgment (paper Disposal)

Legal Issues

  1. 1 Whether the 1st defendant is entitled to summary judgment on its counterclaim for advisory and performance fees
  2. 2 Whether the 1st plaintiff has a bona fide set-off defence based on alleged mismanagement and losses of the Fund
  3. 3 Whether D'Aguilar alone is liable for the Fund losses or liability is joint with Skybound

Ratio Decidendi

Summons for summary judgment dismissed because the 1st plaintiff raised a bona fide triable issue on set-off: it is arguable that D'Aguilar, by providing essential research and the proprietary model, may share responsibility for the Fund's losses so liability cannot be conclusively attributed to Skybound on the papers; entitlement to the Fees and allocation between advisers also raises triable issues.

Court Disposition

Summons dismissed; application for summary judgment refused

Orders

  • The Summons dated 11 January 2022 is dismissed
  • Costs order nisi: the 1st defendant shall bear the 1st plaintiff's costs of the Summons; the order will become absolute unless an application to vary is made within 14 days