25 Oct 2021
JOINT AND SEVERAL PROVISIONAL LIQUIDATORS OF HSIN CHONG CONSTRUCTION CO LTD (PROVISIONAL LIQUIDATORS APPOINTED) v. THE CHINESE UNIVERSITY OF HONG KONG AND OTHERS
- Citation
- [2021] HKCA 1581
- Court
- Court of Appeal
- Case number
- CAMP206/2020
The Court held that the Provisional Liquidators were entitled to seek directions without prior sanction and that the posed questions were genuine legal issues; where the contract expressly created trusts over retention monies and the employer maintained identifiable project accounting, the retention monies were held on trust and must be released to the respective nominated subcontractors; non-retention monies formed part of the company's estate and could not be paid direct by the employer after the commencement of liquidation; a post-liquidation exercise of direct payment would offend the par…