16 Apr 2020
CYBERWORKS AUDIO VIDEO TECHNOLOGY LTD (In Compulsory Liquidation) v. SILVER KENT TECHNOLOGY LTD
- Citation
- [2020] HKCFI 398
- Court
- Court of First Instance
- Case number
- HCA678/2006
On the facts the Company was balance-sheet insolvent by Q3/Q4 1999; Tong continued to act as a de facto director after resignation and MAEGL was a shadow director from at least 28 July 2000; Tong and MAEGL deliberately under-reported royalties and caused related-party disposals and inter-company set-offs which diverted value from the Company to group companies, and did so dishonestly; those breaches triggered the Limitation Ordinance s20 protection for fraud-based claims and Remedy was entitled to equitable compensation measured by the increase in insolvency between the date the Company shoul…