The Court of First Instance dismissed a stay application and made a bankruptcy order where the debtor had not complied with a payment-into-court condition.
Court granted a 2-year s.214 disqualification order against the 3rd respondent, allowed a carve-out for three private companies, and let the SFC discontinue against the others.
The Court made s 214 SFO disqualification orders against four former China Candy directors after agreed facts showed material overstatements in the company’s cash and bank balances.
The Court approved a Carecraft settlement in a section 214 SFO petition, ordering a five-year disqualification and HK$4 million compensation against Zhang Wei.
The application for a certificate under Cap.484 s32 is refused because the legal questions raised do not involve points of law of great and wide importance nor are they reasonably arguable in the necessary sense; s114(1)(b) must be read as a whole with 'showing' and 'carrying on business' assessed together on the facts, and 'no reasonable excuse' is a statutory defence with the evidential burden on the accused and the prosecution required to disprove the defence beyond reasonable doubt once the evidential burden is met (as established in CL Management (No.2) adopting Ho Loy).
Source excerpt
Interpretation of sfo s114(1)(b)
Meaning of 'holding out'/'showing' and 'carrying on business'
Status and burden of proof for 'reasonable excuse' defence
Requirement for certificate under court of final appeal ordinance s32
The Court of First Instance granted orders to sell trust-held shares and pay cash and dividends into Court, with trustee costs to be deducted before payment in.
The High Court granted SFC interlocutory injunctive relief over a suspected KNT ramp-and-dump scheme, finding a good arguable case and a real dissipation risk.
Market manipulation
Ramp-and-dump schemes
Compensatory and restorative orders under s.213 sfo
Bail pending appeal was granted because the court could not conclude at the bail stage that the amended grounds were not reasonably arguable, there had been a substantive change in circumstances since the first refusal, and the combination of the time factor (possible completion of the sentence before appeal hearing) and humanitarian considerations (age and health) made continued detention unfair; the court will determine bail conditions after hearing submissions.
The Court of First Instance granted a winding-up order after rejecting the company’s alleged illegality and collateral contract defences and relying on contractual estoppel in the settlement deed.
The Court of First Instance made a usual bankruptcy order against the debtor, holding that the settlement agreement was enforceable and the debt was not bona fide disputed.