23 Jul 2019
MOULIN GLOBAL EYECARE HOLDINGS LTD (IN LIQUIDATION) (formerly known as MOULIN INTERNATIONAL HOLDINGS LTD) v. OLIVIA LEE SIN MEI
- Citation
- [2019] HKCFI 1715
- Court
- Court of First Instance
- Case number
- HCA167/2008
The court found that the Moulin Group's financial statements were falsified, that Holdings was insolvent during the Relevant Period on adjusted accounts, and that the Defendant, by virtue of her role and knowledge of multiple red flags, breached her duty of care and skill by failing to investigate; accordingly she was liable to account for unlawful dividends and share repurchases (strict liability for unlawful dividends subject to statutory defence which was not advanced), limitation did not bar the claim under s31, and no further set‑off beyond the agreed auditor settlement was allowed.