15 Sept 2021
LAU KOON YING MATTHEW, as the executor of the estate of LAU YIU WING, deceased (“the Deceased”) v. LAU TARK WING AND ANOTHER
- Citation
- [2021] HKCA 1349
- Court
- Court of Appeal
- Case number
- CACV508/2020
Compound interest may be awarded against fiduciaries only where, on the evidence or permissible inferences, it can be established or safely presumed that the fiduciary derived profits of a compound nature (for example by using funds as working capital in a business). Applying that principle, the court held that: (a) as to the Sale Proceeds there was insufficient basis to presume compound profits and simple interest was appropriate; (b) as to the Rental Proceeds, where companies that conducted property investment/subletting collected and retained the rents and failed to disclose accounts, it w…