Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Assessment of agents' fees

  • 27 Aug 2009

    RE LEHMAN BROTHERS ASIA LTD

    Citation
    RE LEHMAN BROTHERS ASIA LTD
    Court
    Court of First Instance
    Case number
    HCCW442/2008

    The remuneration of provisional liquidators appointed under section 193 and continuing in office after a winding up order under section 194(1)(aa) is to be assessed by the court under its inherent jurisdiction (not by operation of section 196(2)); the Maxwell Principles govern assessment; Winding Up Rules references to "provisional liquidator" introduced in 2000 should be read to target provisional liquidators appointed under s194(1A) and do not extend mandatory taxation requirements to s193 provisional liquidators continuing under s194(1)(aa); the provisional liquidation period ends when the…

  • 27 Aug 2009

    RE LEHMAN BROTHERS FUTURES ASIA LTD

    Citation
    RE LEHMAN BROTHERS FUTURES ASIA LTD
    Court
    Court of First Instance
    Case number
    HCCW441/2008

    The court held that provisional liquidators appointed under section 193 and continuing in office after a winding up order remain subject to assessment of their remuneration by the court under its inherent jurisdiction (both before and after the winding up order) until a liquidator is appointed by court order; provisional liquidators' agents' fees are not automatically taxable by the court and are payable under contract absent a challenge when accounts are passed; the period of provisional liquidation ends on the court's appointment of a liquidator following creditors' meetings; the court may…