9 Nov 2010
GOOD PROFIT METAL SURFACE TREATMENT CO LTD AND OTHERS v. KWOK KWONG YU, DAVID
- Citation
- GOOD PROFIT METAL SURFACE TREATMENT CO LTD AND OTHERS v. KWOK KWONG YU, DAVID
- Court
- Court of First Instance
- Case number
- HCA2237/2008
The parties had a well-established practice of treating HKD and RMB at par which was applied to the buy-out valuation; the Defendant accepted the valuation and cashed the cheque and therefore was paid in full on that basis; he had no legal right to retain the company’s accounting documents by way of lien because the company was not a party nor indebted to him; accordingly Plaintiffs succeed, counterclaim fails, and Defendant must return documents and indemnify for losses.