22 Oct 2008
UDL HOLDINGS LTD AND ANOTHER v. LEUNG YUET KEUNG AND ANOTHER
- Citation
- UDL HOLDINGS LTD AND ANOTHER v. LEUNG YUET KEUNG AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA4409/2002
The court found no breach of fiduciary duty: the judicial sale was an opportunity open to any purchaser, the vessel and associated insurance claims were effectively controlled by the mortgagee after default, the defendants did not receive the material information in their capacities as directors nor misuse any corporate opportunity, and therefore the no conflict/no profit rules were not engaged; accordingly no disgorgement or constructive trust was ordered and plaintiffs claim was dismissed.