21 Apr 2023
BEST YEAR ENTERPRISES LTD (in liquidation) AND ANOTHER v. POWER SECURITIES CO LTD (formerly known as JUN YANG SECURITIES CO LTD) AND ANOTHER
- Citation
- [2023] HKCA 594
- Court
- Court of Appeal
- Case number
- CACV59/2020
The Court of Appeal held that the appellant's claims were barred by the reflective loss principle because the loss he sought to recover derived from diminution in the value of First Credit shares suffered by Best Year and EPL; that loss crystallised before he sold his interests, so a subsequent sale did not convert it into a distinct personal loss; the court was bound by Hong Kong authority (Waddington) and the nature‑of‑loss analysis required dismissal; consequently the strike‑out of his pleadings and dismissal of his claims was upheld.