13 Apr 2010
HORACE YAO YEE CHEONG AND OTHERS v. PEARL ORIENTAL INNOVATION LTD
- Citation
- HORACE YAO YEE CHEONG AND OTHERS v. PEARL ORIENTAL INNOVATION LTD
- Court
- Court of Appeal
- Case number
- CACV146/2009
The appeal is allowed and the judgment below set aside because the plaintiffs failed to prove facts sufficient to lift or pierce the corporate veil (no established sham/façade or culpable concealment) and, in any event, even proven asset-stripping would not give individual creditors a cause of action against the acquiring company; remedies for wrongs to the company belong to the company or its liquidator and distribution in insolvency must be preserved.