19 Mar 2020
WONG CHUN KIT and WONG PUI KWAN (suing for and on behalf of all shareholders of MADERA LIMITED, save and except for the 1st - 3rd Defendants herein) AND ANOTHER v. CHENG KWONG FAT AND OTHERS
- Citation
- [2020] HKCFI 486
- Court
- Court of First Instance
- Case number
- HCA1705/2017
Leave to continue the derivative action would not be granted because the defendants openly acknowledged the fund belonged to the company (Boden) and the principal objective (recovery of the fund) had been achieved or could be protected by other means; a pre‑emptive Wallersteiner indemnity was refused because the plaintiffs did not demonstrate they lacked resources or that the company would gain sufficient benefit to justify indemnifying future costs; the plaintiffs were ordered to pay the defendants' costs of the application (including post‑hearing submissions).