14 May 2020
PALOMA CO LTD v. CAPXON ELECTRONIC INDUSTRIAL CO LTD
- Citation
- [2020] HKCFI 755
- Court
- Court of First Instance
- Case number
- HCCT53/2017
The Disclosure Summons was allowed because Paloma established a legitimate need for the Lancom and broader Capxon financial disclosures to enforce an unsatisfied award (99% outstanding), there were suspicious transfers of Lancom-held shares shortly after the award with unexplained cash consideration and no supporting documents, and the information already disclosed (Updated Balance Sheet and Property Inventory) was inadequate for valuation and sale preparations. The court found it just and convenient to order the disclosure sought, with specified threshold and timing amendments (HK$100,000 th…