28 Apr 2003
VIGERS HONG KONG LTD v. JUNSA DEVELOPMENT LTD
- Citation
- VIGERS HONG KONG LTD v. JUNSA DEVELOPMENT LTD
- Court
- Court of First Instance
- Case number
- HCA5173/1998
The prerequisite under s.357 was satisfied because Junsa was an impecunious shell company with negligible assets and no business; the court properly exercised its discretion to order security because there was no evidence Junsa could raise the required funds from other shareholders or backers and its impecuniosity was not caused by the defendants; orders made by the Master (Appearance HK$850,000; Vigers and Mr Fong HK$1,000,000; K.B. Chau & Co. HK$700,000, up to and including trial) were reasonable and were affirmed; the appeals were dismissed and costs of the appeals were ordered payable to…