Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Indemnity and personal liability of liquidators

Legal area

Court

7 Nov 2006

RE MAINTAIN PROFITS LTD

Citation

RE MAINTAIN PROFITS LTD
Court

Court of First Instance
Case number

HCCW345/2002

Where no winding-up order was made and management has been re-vested in the directors, the companies (and other interested parties) who would bear payment of provisional liquidators' fees are entitled to be heard inter partes on taxation; the Procedural Guide does not oust the court's power to direct participation; interim payments may be ordered but the court will exercise discretion to reduce potential exposure (BF reduced from 70% to 50%); an order making provisional liquidators personally liable for costs will be set aside absent blameworthy conduct, and costs should be paid from company…
7 Nov 2006

RE MYRIAD GOLD CORPORATION

Citation

RE MYRIAD GOLD CORPORATION
Court

Court of First Instance
Case number

HCCW346/2002

The court held that when no winding-up order is made and management has been returned to the company, the company and other interested parties are entitled to be heard at taxation of provisional liquidators' bills; the Registrar's decision ordering the Boldwin taxation to proceed with the company present was upheld and applications for ex parte determination for the other three companies were refused; the Registrar's personal-costs order against the provisional liquidators was set aside and interim payment for BF was reduced from 70% to 50% (no guarantee required).