Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Ad valorem fee

  • 21 Oct 2022

    RE G W ELECTRONICS CO LTD

    Citation
    [2022] HKCA 1590
    Court
    Court of Appeal
    Case number
    CACV367/2021

    The Court of Appeal held that the ad valorem fee under CFPO Schedule 3 Table B Item I is payable in respect of assets realised and brought to credit by the Official Receiver acting as provisional liquidator under s194(1)(a); the Official Receiver's omission to disclose the fee did not extinguish the statutory liability and she was entitled to pursue the fee by means of the 1st Summons; the Conditional Stay Order should be construed to include the ad valorem fee as part of 'Liquidation Expenses'; the second appeal was allowed and the declaration and consequential order were made accordingly.

  • 21 Oct 2022

    RE G W ELECTRONICS CO LTD

    Citation
    [2022] HKCA 1590
    Court
    Court of Appeal
    Case number
    CACV82/2021

    The ad valorem fee under CFPO Schedule 3 Table B Item I is payable in respect of assets realised and brought to credit by the Official Receiver acting as provisional liquidator under s194(1)(a); the fee is a mandatory statutory charge recoverable as debt; the court was not functus officio to the limited extent necessary to determine whether 'Liquidation Expenses' in the Conditional Stay Order included the ad valorem fee, and the Official Receiver was entitled to pursue the 1st Summons; accordingly the Court of Appeal declared that the Liquidation Expenses include the ad valorem fee and ordere…