21 Mar 2013
RE KCL CAPITAL LTD
- Citation
- RE KCL CAPITAL LTD
- Court
- Court of First Instance
- Case number
- HCCW224/2010
The summons for payment of the Liquidator's costs out of assets subject to alleged charges was adjourned: the court held that, applying Buchler v Talbot, charged assets cannot be used to pay general liquidation expenses where the security is (arguably) valid; only the narrow exception for costs of preserving or realising particular charged assets applies and the Liquidator had not proved those specific costs with sufficient particularity. The Liquidator may renew an application limited to preservation/realisation costs (including those relating to Singapore assets) with tailored evidence.