Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Sale of shares agreement

Legal area

Court

22 Apr 2020

INSPIRING INVESTMENTS LTD v. CHUN HU HING AND ANOTHER

Citation

[2020] HKCA 209
Court

Court of Appeal
Case number

CACV208/2018

The Court upheld the trial judge's factual findings as not plainly wrong: the 2nd defendant did not agree to the 2nd Obligation and did not sign the Personal Guarantee; the contractual obligations were that both defendants were to use reasonable endeavours to assist sale (1st Obligation) and only the 1st defendant assumed the 2nd Obligation to purchase; no basis existed to award HK$6,666,500 against the 2nd defendant and the appeal was dismissed.
4 May 2018

INSPIRING INVESTMENTS LTD v. CHUN HU HING AND ANOTHER

Citation

[2018] HKCFI 925
Court

Court of First Instance
Case number

HCA2090/2014

Court held that Dexter and William undertook an obligation to assist (best endeavours) to sell the preferred shares by 31 December 2012 (not an absolute sale obligation); Dexter (1st defendant) had assumed the secondary obligation to purchase the shares at HK$6,666,500 if the first obligation failed, but William was not bound by that 2nd obligation; failure to fulfil the assistance obligation activated Dexter\'s 2nd obligation and Dexter\'s repudiation was accepted on service of writ (20 October 2014) leading to judgment against Dexter for HK$6,666,500 plus interest and costs; no separate dam…