15 Dec 2005
STRONG BASES IMPORT & EXPORT CO LTD v. NIKSON INVESTMENT LTD AND OTHERS
- Citation
- STRONG BASES IMPORT & EXPORT CO LTD v. NIKSON INVESTMENT LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA2520/2005
The Mareva application was dismissed because the plaintiff failed to demonstrate that the HK$1 share transfer amounted to dissipation given the absence of reliable evidence of asset value and defendants' finances, the presence of competing creditors, and the plaintiff's unsecured status; consequently Mareva relief would be inappropriate and the proper remedy for any undervalue transaction is a winding-up petition.