13 Feb 2025
PACIFIC BULK SHIPPING LTD AND ANOTHER v. TOPMOVE LTD AND ANOTHER
- Citation
- [2025] HKCFI 532
- Court
- Court of First Instance
- Case number
- HCA1431/2015
Court found on the balance of probabilities that the PB Group (including New PB companies) was operated and owned jointly in the relevant periods (50:50 between Lau and Chu), the 2007 reorganization evidenced and recognised joint ownership, there was no concluded PB Restructuring agreement in January 2014, Topmove was beneficially owned 50% by Lau (Declaration of Trust effective), the funds remitted via CMH/Topmove originated from PB companies, and a collateral agreement existed that the Loan Agreement and Debenture were not to be enforced without agreement of both Lau and Chu — accordingly t…