TIN LIK v.DEUTCHE BANK AG AND OTHERS

TIN LIK v.DEUTCHE BANK AG AND OTHERS

The court corrected specified numerical typographical errors under the slip rule as set out in the judgment; the costs order nisi against Tin was made absolute and remained on an indemnity basis; the retention sum due to Tin was held to be HK$10,899,727 and payable on 31 2008; interest was awarded on HK$10,899,727 at 1% above HSBC prime for the period from 1 2008 until the date of judgment (15 February 2016); costs were apportioned 70% to Tin's claims and 30% to set-offs and Tin was ordered to pay 80% of the defendants' costs in respect of the set-offs, to be taxed if not agreed, on a party and party basis.

Citation
TIN LIK v.DEUTCHE BANK AG AND OTHERS
Parties
Plaintiff: Tin Lik; 1st Defendant: Deutsche Bank AG; 2nd Defendant: RREEF China REIT Management Limited; 3rd Defendant: HSBC Institutional Trust Services (Asia) Limited as trustee for the RREEF China Commercial Trust
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 May 2016
Case Number
HCCL17/2011
Procedural Posture
Commercial Action No 17 of 2011, Court of First Instance, Hong Kong Special Administrative Region / Post Judgment Applications (slip Rule Correction, Interest, Costs) and Decision
Outcome
Typographical errors corrected under the slip rule; costs order nisi made absolute in favour of the defendants; interest awarded on the judgment sum; apportionment and costs orders made in respect of set-offs.
Legal Topics
Slip Rule, Indemnity Costs, Interest on Judgment Sum, Set Off, Apportionment of Costs, Interpretation of SPA Clause 6.3.2, Without Prejudice Communications
Source Language
EN
Contract Civil Procedure Costs Trusts Commercial Law Slip Rule Indemnity Costs Interest on Judgment Sum +4 more

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Parties

Tin Lik

Plaintiff

Deutsche Bank AG

1st Defendant

RREEF China REIT Management Limited

2nd Defendant

HSBC Institutional Trust Services (Asia) Limited as trustee for the RREEF China Commercial Trust

3rd Defendant

Procedural Posture

Commercial Action No 17 of 2011, Court of First Instance, Hong Kong Special Administrative Region / Post Judgment Applications (slip Rule Correction, Interest, Costs) and Decision

Legal Issues

  1. 1 Whether typographical errors in the judgment should be corrected under the slip rule
  2. 2 Whether the costs order against the plaintiff should be on an indemnity basis or party and party
  3. 3 Whether interest should be awarded on the judgment sum, the proper rate and the commencement date

Ratio Decidendi

The court corrected specified numerical typographical errors under the slip rule as set out in the judgment; the costs order nisi against Tin was made absolute and remained on an indemnity basis; the retention sum due to Tin was held to be HK$10,899,727 and payable on 31 2008; interest was awarded on HK$10,899,727 at 1% above HSBC prime for the period from 1 2008 until the date of judgment (15 February 2016); costs were apportioned 70% to Tin's claims and 30% to set-offs and Tin was ordered to pay 80% of the defendants' costs in respect of the set-offs, to be taxed if not agreed, on a party and party basis.

Court Disposition

Typographical errors corrected under the slip rule; costs order nisi made absolute in favour of the defendants; interest awarded on the judgment sum; apportionment and costs orders made in respect of set-offs.

Orders

  • Correct lines in judgment: line 15 of para 205: HK$34,257,524 instead of HK$34,257,254
  • Correct line N of para 206: HK$29,383,112 instead of HK$29,283,112