Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Extension of accounting periods

  • 10 Apr 2014

    NG CHI FUNG v. IMINDS INTERACTIVE LTD

    Citation
    NG CHI FUNG v. IMINDS INTERACTIVE LTD
    Court
    Court of First Instance
    Case number
    HCMP184/2014

    The court dismissed applications to remedy breaches predated by the three year prosecution bar under s351A and refused to make orders solely to accommodate listing requirements for unprosecutable breaches; however, for the year ending 31 March 2011 the audited accounts presented at the AGM were non‑compliant because first accounts must end no later than the latest date on which they could properly be prepared and presented in compliance with s122 and s111, and accordingly the court may exercise its power under s122(1B) to extend the period and substitute the AGM requirement and ordered remedi…

  • 10 Apr 2014

    NG CHI FUNG v. IMINDS INTERACTIVE LTD

    Citation
    NG CHI FUNG v. IMINDS INTERACTIVE LTD
    Court
    Court of First Instance
    Case number
    HCMP185/2014

    HCMP184 dismissed because the periods sought to be regularised were beyond the three‑year prosecution limitation under s351A and the court will not grant relief solely to accommodate Stock Exchange requirements for non‑prosecutable breaches. In HCMP185 the first accounts presented (incorporation to 31 March 2011) were non‑compliant with a proper reading of s122 and s111; accordingly the court granted targeted relief under s122(1B) for the year ending 31 March 2011 by extending the nine‑month period and substituting the AGM requirement to a specified general meeting, while refusing orders for…