7 Mar 2023
NATWEST MARKETS PLC AND ANOTHER v. THE OWNER OF THE SHIP OR VESSEL “ANGELIC GLORY”
- Citation
- [2023] HKCFI 644
- Court
- Court of First Instance
- Case number
- HCAJ62/2020
The court held that the US$265,000 retention (Sum A) did not operate as a cap on the Banks' taxed costs and that the US$250,000 retention (Sum B) was not retained exclusively for Itiro; accordingly the Banks were entitled to be paid US$298,006.10 from the proceeds and the balance (including interest) was to be distributed pari passu among Diamlemos, Rudder, Itiro and Panthalassa taking into account Itiro's increased judgment sum; specific costs orders were made allocating payment responsibilities between the Banks, Itiro, Diamlemos and Panthalassa.