1 Apr 2025
Y AND ANOTHER v. GI AND ANOTHER
- Citation
- [2025] HKCFI 1317
- Court
- Court of First Instance
- Case number
- HCCT117/2024
Security for costs of HK$2,000,000 was ordered because the plaintiffs are ordinarily resident outside Hong Kong with no readily available assets in Hong Kong; the Award itself and its declaration of the contractual set-off demonstrate that the plaintiffs will not receive the US$100m purchase price on transfer (it will be set off), enforcement against the Group is likely to be difficult given credible evidence of group financial distress and a Consolidation Notice, and the setting-aside challenge has low prospects such that the balance of justice favors ordering security.