Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Valuation as going concern

  • 23 Jan 2020

    VITALY ORLOV v. MAGNUS LEONARD ROTH AND ANOTHER

    Citation
    [2020] HKCFI 273
    Court
    Court of First Instance
    Case number
    HCMP1331/2017

    Having balanced the parties' respective partial successes and the purposes of the buyout order, the court exercised its discretion to order costs in favour of Orlov (costs of and incidental to petition and cross-petition, certificate for two counsel, taxed if not agreed, payable forthwith), made an interim payment order that Roth pay HK$35,000,000 from his own assets within 35 days subject to Orlov not blocking majority board decisions, confirmed the valuation procedure (TTC and subsidiaries to be valued as a going concern by a jointly appointed valuer whose valuation is final and binding sav…

  • 23 Jan 2020

    MAGNUS LEONARD ROTH v. VITALY ORLOV AND ANOTHER

    Citation
    [2020] HKCFI 273
    Court
    Court of First Instance
    Case number
    HCMP2753/2017

    The Court exercised its costs discretion by focusing on the substantive outcome: the petition achieved its primary purpose (a buyout order in favour of Orlov) whereas the cross-petition, though yielding some findings, produced no different practical relief and added delay and cost. Therefore Roth was ordered to pay Orlov's costs. The Court further found it had jurisdiction to order an interim payment and, balancing valuation uncertainty, risk of overpayment, affordability and the practical need to neutralize shareholder obstruction, ordered an interim payment of HK$35,000,000 by Roth from his…