2 Dec 2019
HO MAN KIT and Kong Sze Man Simone the Joint and Several Liquidators of Eternal Diamonds Corporation Limited (in creditors’ voluntary liquidation) v. SURE LEAD LTD
- Citation
- [2019] HKCFI 2914
- Court
- Court of First Instance
- Case number
- HCMP2021/2018
Plaintiffs failed to prove the requisite intention to gift or that the companies received no consideration; they relied solely on a gifts theory and did not establish a transaction on terms providing for no consideration or that the transfer constituted a transaction at an undervalue. Mere transmission of money absent proof of the requisite intention or absence of consideration does not establish a statutory transaction at undervalue, and accordingly the plaintiffs' claims were dismissed.