12 Mar 2024
HG PROPERTY INVESTMENT HK LTD v. CHENG MEI HOLDINGS LTD (RECEIVERS AND MANAGERS APPOINTED) AND OTHERS
- Citation
- [2024] HKCFI 750
- Court
- Court of First Instance
- Case number
- HCA1469/2022
The proposed amendments and joinder were refused because the Amended Statement of Claim (§§63A-63B) failed to disclose a reasonable cause of action under s60 CPO: the pleaded undervalue (comparison with the HG SPA) was an insufficient and legally inadequate basis to infer an intent to defraud given the two-month interval, stamp duty, market/interest rate movements, the commercial context (sale by receivers to satisfy secured creditors), the retention of 5% was commercially explicable, and there was no particularised plea that Goldstone had notice or conspired; accordingly the S60 claim is bou…