Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Breach of fiduciary duty and misfeasance

  • 31 Oct 2002

    RE MYRIAD GOLD CORPORATION

    Citation
    RE MYRIAD GOLD CORPORATION
    Court
    Court of First Instance
    Case number
    HCCW346/2002

    The court struck out parts of evidence that derived from matrimonial proceedings in contravention of r.121 and exercised its discretion to appoint provisional liquidators for Boldwin Construction Company Limited, Maintain Profits Limited and Myriad Gold Corporation because petitioners had made out prima facie cases of serious misfeasance, misappropriation and/or complete board deadlock such that provisional intervention was justified to preserve assets and protect creditors and stakeholders; the court also granted a worldwide Mareva injunction against Chan Shiu Chick restrained to HK$45,482,7…

    • Appointment of provisional liquidators
    • Just and equitable winding-up
    • Mareva injunction (freezing order)
    • Breach of fiduciary duty and misfeasance
    • Disputed beneficial ownership of shares
    • Inspection restrictions under matrimonial rules

  • 31 Oct 2002

    RE BOLDWIN CONSTRUCTION CO. LTD.

    Citation
    RE BOLDWIN CONSTRUCTION CO. LTD.
    Court
    Court of First Instance
    Case number
    HCCW340/2002

    The court held that petitioners had established sufficient prima facie evidence of serious misfeasance, breach of fiduciary duties, and in some companies a deadlock and lack of properly constituted boards to justify appointing provisional liquidators for Boldwin, Maintain Profits and Myriad Gold and to grant a Mareva injunction against Chan Shiu Chick; parts of evidence derived from matrimonial proceedings were struck out under r.121(2). The provisional reliefs were limited in scope and monetary cap set at HK$45,482,716 with a personal undertaking by LWD.

    • Appointment of provisional liquidators
    • Mareva (freezing) injunction
    • Just and equitable winding-up
    • Breach of fiduciary duty and misfeasance
    • Beneficial ownership of shares
    • Admissibility/inspection of matrimonial documents (r.121)