TAM SHUK YIN ANNY v. CHOI KWOK CHAN AND OTHERS

TAM SHUK YIN ANNY v. CHOI KWOK CHAN AND OTHERS

The court upheld the petitioner on key contested points: stamp duty on the sale of Nos.49 and 57 and on sale of company shares is to be shared equally between equal shareholders; the 1st respondent must reimburse Advance Wise and Wise Apex for interest paid to Richmond caused by his default; reimbursement for rental...

Source-derived case information.

Citation
TAM SHUK YIN ANNY v. CHOI KWOK CHAN AND OTHERS
Parties
Petitioner: TAM SHUK YIN ANNY; 1st Respondent: CHOI KWOK CHAN; 2nd Respondent: FUNG LAI MEI BETTY; 3rd Respondent: ACTIVE TEAM INTERNATIONAL LIMITED; 4th Respondent: ADVANCE WISE DEVELOPMENT LIMITED; 5th Respondent: WISE APEX ENTERPRISES LIMITED; 6th Respondent: RICHMOND PROPERTIES AND TRADING COMPANY LIMITED
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
5 March 2008
Case Number
HCMP2399/2004
Procedural Posture
Companies Petition (section 168 a Companies Ordinance) / Post Judgment Chamber Hearing on Outstanding Reliefs and Directions After Main Judgment (liberty to Apply Granted)
Outcome
Orders made in terms of specified paragraphs of the judgment with additional directions and awards in favour of the petitioner on contested issues; liberty to apply granted
Legal Topics
Unfair Prejudice Under S.168 a, Share Valuation, Allocation of Stamp Duty, Compensatory Interest, Reimbursement for Losses, Costs Allocation, Directions to Valuers
Source Language
en
Company Law Equity Property Law Tax (stamp Duty) Civil Procedure Unfair Prejudice Under S.168 a Share Valuation Allocation of Stamp Duty +4 more

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Parties

TAM SHUK YIN ANNY

Petitioner

CHOI KWOK CHAN

1st Respondent

FUNG LAI MEI BETTY

2nd Respondent

ACTIVE TEAM INTERNATIONAL LIMITED

3rd Respondent

ADVANCE WISE DEVELOPMENT LIMITED

4th Respondent

WISE APEX ENTERPRISES LIMITED

5th Respondent

RICHMOND PROPERTIES AND TRADING COMPANY LIMITED

6th Respondent

Procedural Posture

Companies Petition (section 168 a Companies Ordinance) / Post Judgment Chamber Hearing on Outstanding Reliefs and Directions After Main Judgment (liberty to Apply Granted)

Legal Issues

  1. 1 Allocation of stamp duty on sale of properties and shares
  2. 2 Whether 1st respondent must reimburse interest paid by Advance Wise and Wise Apex to Richmond
  3. 3 Reimbursement of rent for occupation of No.49 and appropriate cut-off date

Ratio Decidendi

The court upheld the petitioner on key contested points: stamp duty on the sale of Nos.49 and 57 and on sale of company shares is to be shared equally between equal shareholders; the 1st respondent must reimburse Advance Wise and Wise Apex for interest paid to Richmond caused by his default; reimbursement for rental of No.49 ordered as originally drafted up to 5 September 2008; interest awarded to the petitioner on her share of net sale proceeds from 17 September 2004 at 1% over HSBC prime until judgment rate thereafter; interest awarded on the purchase price of petitioner's Wise Apex shares from valuation date to judgment at the same rate; the valuer is directed to exclude interest...

Court Disposition

Orders made in terms of specified paragraphs of the judgment with additional directions and awards in favour of the petitioner on contested issues; liberty to apply granted

Orders

  • Order in terms of paragraphs (3),(5),(6),(8),(9),(12),(13) and (14) of the additional reliefs with amendment to paragraph (9) adding words 'of the Order dated 9 January 2008'
  • Order under paragraph (1): stamp duty and additional stamp duty payable on sale of Nos.49 and 57 to be borne equally between the petitioner and the 1st & 2nd respondents (with allowance for alternative arrangement to minimise duty)