Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Compensation orders under s214 sfo

Legal area

Court

11 Mar 2022

SECURITIES AND FUTURES COMMISSION v. ANDREW LIU AND OTHERS

Citation

[2022] HKCFI 697
Court

Court of First Instance
Case number

HCMP2653/2016

Leave to re-amend the defence was granted despite lateness because the proposed plea invoking Article 177(a) raised a real and potentially dispositive issue on the exercise of the court's discretion in awarding compensation under s214(2)(e); R2 had later provided a legal opinion on Cayman law and the amendment was necessary to dispose fairly, but R2 was penalised on costs for the timing and lack of explanation.
17 Jul 2020

SECURITIES AND FUTURES COMMISSION v. WONG WAI KWONG DAVID AND OTHERS

Citation

[2020] HKCFI 1617
Court

Court of First Instance
Case number

HCMP1227/2011

The judge exercised his discretionary costs power to reduce the directors' joint and several liability to 70% of the SFC's costs because the SFC's persistent pursuit of a compensation claim, which ultimately failed, materially contributed to the necessity and length of the trial; earlier offers were not so plainly superior or so reasonably acceptable as to require maintaining the full costs order; accordingly the original costs order was varied to 70% payable by the directors, taxed if not agreed with certificate for two counsel, and no order was made on costs of the variation application.