8 Jul 2016
RE LEUNG YAT TUNG
- Citation
- RE LEUNG YAT TUNG
- Court
- Court of First Instance
- Case number
- HCB2019/2000
The court held that it had jurisdiction under s38(5B) BO to order payment to the Petitioning Creditor of both (a) the costs it paid under the Funding Agreement (approx HK$3.0m) because assets were recovered under an indemnity, and (b) the reversal costs (approx HK$452,000) because those payments preserved a chose in action (the claim to recover shares) and thus fell within the limb of assets "protected or preserved" by payment; the discretion was exercised to allow both applications, subject to a short adjournment (14 days) to enable the Official Receiver to finalise interest calculations, an…