30 Jun 2009
HING MING GONDOLA (HK) CO LTD v. CHOW YAT TIM
- Citation
- HING MING GONDOLA (HK) CO LTD v. CHOW YAT TIM
- Court
- Court of First Instance
- Case number
- HCA84/2007
Court found that the company was a quasi‑partnership, that the January 2001 payment was legitimately characterized as a bonus (not a recoverable loan) and that the June 2001 loan had been repaid/set off by distributions; the writ seeking repayment was dismissed; removal of petitioner as director was unfairly prejudicial and justified a buy‑out order; the rights issue was bona fide for business expansion and not unfairly prejudicial; consequential relief ordered was that the majority (Tang) purchase petitioner's shares at fair value without minority discount, valuation to be fixed by an indepe…