13 May 2021
HSIN CHONG CONSTRUCTION COMPANY LIMITED (in liquidation) v. BUILD KING CONSTRUCTION LIMITED
- Citation
- [2021] HKCFA 14
- Court
- Court of Final Appeal
- Case number
- FACV11/2020
The court held that the SA and the first instalment payment were dispositions of the Company's chose in action (the right to payment) after commencement of winding up within s.182; substance governs over contractual deeming of receipt, and because the $20 million accrued to a related third party and was dissipated to various recipients to the prejudice of unsecured creditors, the court would not validate the disposition and declared the SA and dispositions void under s.182.