29 Jul 1982
KINGEARN CO LTD v. LEE WOO-BUN AND OTHERS
- Citation
- KINGEARN CO LTD v. LEE WOO-BUN AND OTHERS
- Court
- District Court
- Case number
- DCCJ7176/1981
The court held that the plaintiff, as originally constituted, lacked sufficient paid‑up capital and therefore financial capability to satisfy a rebuilding obligation and would likely be insolvent if creditors called; after the plaintiff increased its paid‑up capital to $10,000,000 the court was satisfied of genuine intention and financial capacity, and on the facts awarded compensation equal to four times the rateable value as reasonable, granted possession subject to specified conditions and a stay, and made no order as to costs under s68B.