Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Trust account

  • 15 Jan 2009

    NG HON TSANG v. YUNG KWONG CHUNG

    Citation
    NG HON TSANG v. YUNG KWONG CHUNG
    Court
    Court of First Instance
    Case number
    HCA217/2004

    Court granted leave for one narrow interrogatory (reason for transfer of HK$3,300,000 on 27 October 1993) as necessary for preparation and fairness; ordered specific discovery only for documents relating to the allegations made in paragraphs 18 and 24 of Chan Hung's Supplemental Witness Statement (items 5 and 6) and required affidavits and further list if documents exist; refused other specific discovery including further Cash Book pages and all documents/ledgers/profit and loss accounts of the Tobacco Company as irrelevant or unnecessary for fair disposal and dismissed the 2nd Summons; refus…

  • 17 Dec 2003

    RE GUANGDONG INVESTMENT LTD

    Citation
    RE GUANGDONG INVESTMENT LTD
    Court
    Court of First Instance
    Case number
    HCMP4867/2003

    The court confirmed the reduction because the statutory tests were satisfied: shareholders (including preference shareholders) were equitably treated and properly informed; the reduction had a clear discernible purpose (to eliminate accumulated losses and expedite dividends); and creditors were adequately protected by a cap-limited special reserve addressing non-permanent losses and by a separate trust account funded with HK$34,000,000 for non-consenting creditors, such safeguards permitting the court to dispense with settling a formal creditor list under the Companies Ordinance.

  • 26 Jan 1999

    LEE TAK YEE AND ANOTHER v. LEE TAK YAN

    Citation
    LEE TAK YEE AND ANOTHER v. LEE TAK YAN
    Court
    Court of First Instance
    Case number
    HCA10000/1998

    Because the defendant, a fiduciary, paid fiduciary monies to a family company he controlled without any explanation for not placing the funds in a trust bank account, the plaintiffs were entitled to an injunction and an order requiring those sums (plus interest) to be paid into a trust account; absent such an explanation the defendant had not shown an arguable defence.