DENNIS KWOK HON MING v. POON SUI CHEONG ALBERT AND OTHERS

DENNIS KWOK HON MING v. POON SUI CHEONG ALBERT AND OTHERS

Interim stay was refused because the established Star Play approach to stay applications applies; the Majority Shareholders failed to demonstrate good reason to delay the valuation process or that the proposed Court of Appeal application had materially better prospects; there was insufficient evidence that the petitioner would be unable to repay costs or the buy-out sum such that the appeal would be rendered nugatory; accordingly valuation must proceed and the interim stay was dismissed; costs of this summons ordered to petitioner (costs nisi) and costs of the earlier leave and stay summons to be taxed on a common fund basis.

Citation
DENNIS KWOK HON MING v. POON SUI CHEONG ALBERT AND OTHERS
Parties
Petitioner: Dennis Kwok Hon Ming; 1st Respondent: Poon Sui Cheong Albert; 2nd Respondent: Irene Tseng; 3rd Respondent: Yang Hong Ching Norris; 4th Respondent: Luo Ming Xin William (also known as Lo Ming Tak William); 5th Respondent: Law Wing Mei Helen; 6th Respondent: Asian Adventure Limited; 7th Respondent: Enchantment Properties Limited; 8th Respondent: China Funds Development Limited; 9th Respondent: Minloy Limited; Respondent: Top Master Development Limited; Respondent: Wealth Island International Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 April 2017
Case Number
HCMP1528/2013
Procedural Posture
Companies Ordinance S.168 a Petition / Interim Stay Application (post Judgment)
Outcome
Interim stay refused; costs ordered to petitioner; costs of earlier leave and stay summons to be taxed on common fund basis
Legal Topics
Stay of Execution, Appeal, Valuation, Common Fund Costs, Share Buy Out
Source Language
EN
Company Law Civil Procedure Costs Stay of Execution Appeal Valuation Common Fund Costs Share Buy Out

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Parties

Dennis Kwok Hon Ming

Petitioner

Poon Sui Cheong Albert

1st Respondent

Irene Tseng

2nd Respondent

Yang Hong Ching Norris

3rd Respondent

Luo Ming Xin William (also known as Lo Ming Tak William)

4th Respondent

Law Wing Mei Helen

5th Respondent

Asian Adventure Limited

6th Respondent

Enchantment Properties Limited

7th Respondent

China Funds Development Limited

8th Respondent

Minloy Limited

9th Respondent

Top Master Development Limited

Respondent

Wealth Island International Limited

Respondent

Procedural Posture

Companies Ordinance S.168 a Petition / Interim Stay Application (post Judgment)

Legal Issues

  1. 1 Whether to grant an interim stay of execution pending application to the Court of Appeal
  2. 2 Whether the test for an interim stay is less stringent than for a stay proper
  3. 3 Whether delay of the valuation process is justified pending appeal

Ratio Decidendi

Interim stay was refused because the established Star Play approach to stay applications applies; the Majority Shareholders failed to demonstrate good reason to delay the valuation process or that the proposed Court of Appeal application had materially better prospects; there was insufficient evidence that the petitioner would be unable to repay costs or the buy-out sum such that the appeal would be rendered nugatory; accordingly valuation must proceed and the interim stay was dismissed; costs of this summons ordered to petitioner (costs nisi) and costs of the earlier leave and stay summons to be taxed on a common fund basis.

Court Disposition

Interim stay refused; costs ordered to petitioner; costs of earlier leave and stay summons to be taxed on common fund basis

Orders

  • Interim stay of execution of the Three Decisions refused
  • Costs of this Summons to be paid to the Petitioner in any event (costs nisi)