Hong Kong Case Law: Decisions & Judgments

Topic

Section 182

Legal area

Court

21 May 2024

THE BANK OF NEW YORK MELLON, LONDON BRANCH v. XJ INTERNATIONAL HOLDINGS CO LTD

Citation

[2024] HKCFI 1378
Court

Court of First Instance
Case number

HCCW187/2024

Where the company’s solvency is in doubt and no affirmative evidence or particulars are provided to show that continued trading or dispositions will generate net benefit to creditors, the court will refuse a broad validation of ordinary course payments; by contrast, validation of transfers of issued and fully paid shares is unobjectionable but should be expressed to have effect only in the event of a winding up order being made.
29 Jan 2021

RE CHINA OCEAN INDUSTRY GROUP LTD (“THE COMPANY”)

Citation

[2021] HKCFI 247
Court

Court of First Instance
Case number

HCCW230/2019

The issue or allotment of new shares and the issuance of convertible bonds do not constitute a disposition of company property, a transfer of shares or an alteration in the status of members within the meaning of section 182; therefore section 182 is not engaged and the court has no jurisdiction to grant a validation order in respect of those instruments; the summons for validation is dismissed.
6 Jan 2017

KOO MING KOWN v. THE BAPTIST CONVENTION OF HONG KONG

Citation

KOO MING KOWN v. THE BAPTIST CONVENTION OF HONG KONG
Court

Court of First Instance
Case number

HCCW386/2016

The court continued the ex parte validation order but modified it and required the respondent to pay HK$14,284,627 into court within seven days; the respondent must pay the petitioner’s costs of the ex parte application and related summons on an indemnity basis because the ex parte order was unjustified by inadequate notice and respondent dilatoriness.

Hong Kong Case Law

THE BANK OF NEW YORK MELLON, LONDON BRANCH v. XJ INTERNATIONAL HOLDINGS CO LTD

RE CHINA OCEAN INDUSTRY GROUP LTD (“THE COMPANY”)

KOO MING KOWN v. THE BAPTIST CONVENTION OF HONG KONG