12 Mar 2008
TRADEPOWER (HOLDINGS) LTD (IN LIQUIDATION) v. TRADEPOWER (HONG KONG) LTD AND OTHERS
- Citation
- TRADEPOWER (HOLDINGS) LTD (IN LIQUIDATION) v. TRADEPOWER (HONG KONG) LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA1796/2005
The court was not satisfied that the directors effected the Scheme with a dishonest intention to defraud creditors; objective evidence established a legitimate commercial purpose (to regularise beneficial ownership given Girvan's financing), the directors believed the Elimor liability had not crystallised and Holdings had or expected sufficient assets to meet the claim; accordingly an essential element of a s60 claim (intent to defraud) was not proven and the action was dismissed.