Hong Kong Case Law: Decisions & Judgments

Topic

Transfer of business (protection of creditors) ordinance

Legal area

Court

19 Jun 2008

OTC INTERNATIONAL AG v. PERFECT RECOVERY LTD AND ANOTHER

Citation

OTC INTERNATIONAL AG v. PERFECT RECOVERY LTD AND ANOTHER
Court

Court of First Instance
Case number

HCCL11/2007

The court granted the stay because a German forum (Regional Court of Coburg or Munich) was shown to be clearly or distinctly more appropriate given the German connecting factors, the compellable and central evidence of Mr Pfaff held in Germany, and the accessibility of German insolvency records; the 2nd defendant indicated neutrality and the court was satisfied no juridical disadvantage to the plaintiff sufficient to defeat the application had been demonstrated.
19 Apr 2002

BNP PARIBAS v. G.C. LUCKMATE TRADING LTD.

Citation

BNP PARIBAS v. G.C. LUCKMATE TRADING LTD.
Court

Court of First Instance
Case number

HCA12359/1999

On the balance of probabilities the court found that APT's fishmeal trading business was transferred to G.C. Luckmate Trading Limited on or about 1 October 1998 because the cumulative evidence (common activity, shared directors, name usage, letters, staff and transactions, contemporaneous representations to BNP) established a de facto transfer; section 8 did not limit liability because the defendant paid nothing and s.8 is intended to protect transferees who paid consideration in good faith, therefore defendant was liable to pay US$999,162.69 plus interest.
8 Dec 1998

SVENSKA HANDELSBANKEN AB (PUBL) v. PEARL POND LTD.

Citation

SVENSKA HANDELSBANKEN AB (PUBL) v. PEARL POND LTD.
Court

Court of First Instance
Case number

HCA19374/1998

The Mareva injunction was discharged because the plaintiff failed to show the required real risk of dissipation of assets that would render its judgment nugatory; evidence of a transfer of business, even if established, did not by itself justify freezing relief because statutory remedies under the Transfer of Business (Protection of Creditors) Ordinance remained available to the plaintiff.

Hong Kong Case Law

OTC INTERNATIONAL AG v. PERFECT RECOVERY LTD AND ANOTHER

BNP PARIBAS v. G.C. LUCKMATE TRADING LTD.

SVENSKA HANDELSBANKEN AB (PUBL) v. PEARL POND LTD.